PM Modi Consults Economists for Strategic Roadmap to 'Viksit Bharat' by 2024

Prime Minister Narendra Modi held a crucial meeting with economists on Thursday to discuss policy measures aimed at achieving inclusive growth and propelling India towards becoming the third-largest economy globally. This initiative aligns with the broader goal of "Viksit Bharat" (Developed India) by 2024, according to sources familiar with the discussions.

The meeting, held at Niti Aayog, precedes the Union Budget 2024-25, which Finance Minister Nirmala Sitharaman will present on July 23. The discussion focused on strategies to alleviate poverty, control inflation, expand welfare measures, and boost employment through investments and skill development.

In a post on social media platform X, PM Modi confirmed the meeting: “Earlier today, interacted with eminent economists and heard their insightful views on issues pertaining to furthering growth.”

Attendees included Union Finance Minister Nirmala Sitharaman, Niti Aayog Vice Chairman Suman Bery, Planning Minister Rao Inderjit Singh, Chief Economic Advisor V Anantha Nageswaran, economists Ashok Gulati and Surjit Bhalla, and banker KV Kamath.

"This budget will be the first document providing a roadmap to transform India into a $30 trillion developed economy by 2047 for a projected 165 billion citizens," said one participant. "It will provide a template for a future-ready India," focusing on rural development, agricultural growth, infrastructure investments, health, housing, sanitation, education, skilling, security, and trade.

The meeting underscored the importance of accelerating economic growth and social reforms to improve the quality of life for all citizens. Suggestions included consolidating the fiscal position, sustaining public expenditure to stimulate growth, and enhancing the ease of living. The focus will also be on farmers, women, youth, the middle class, and vulnerable populations.

Economic development strategies to combat hunger and poverty were also discussed. Reflecting on the government's commitment to reforms, Modi emphasized in a Rajya Sabha session on July 3: “The next five years will be decisive years for the fight against poverty... and this country will be victorious in this fight against poverty. I can say with confidence based on the experience of the last 10 years.”

President Droupadi Murmu, addressing a joint session of Parliament on June 27, highlighted the budget’s significance: “This budget will be an effective document of the government’s far-reaching policies and futuristic vision. Along with major economic and social decisions, many historic steps will also be seen in this budget.”

As India prepares for the upcoming budget, the government's focus remains on building a prosperous and inclusive economy, setting the stage for significant growth and development in the coming years.

Author: Anushka Taraniya

News writer