Fundamentals of Indian economy strong, has capacity to bounce back: PM Modi
New Delhi: Ahead of the Union Budget for 2020-21, Prime Minister Narendra Modi on Thursday held a meeting with economists, sector experts and successful young entrepreneurs and called for a focussed effort to turn India into a $5 trillion economy.
He appreciated the suggestions provided by the experts and said he was happy that that two-hour-long discussion brought the experience of people on the ground and also of those working in their respective fields to the forefront.
The meeting was held at the Niti Aayog and was a part of the pre-Budget exercise. The Prime Minister said this would be enhancing the synergy between policymakers and various stakeholders.
During a two-hour meeting, the experts made hosts of suggestions for the revival of economic growth, which is estimated to slip to an 11-year low of 5 per cent in 2019-20.
"Prime Minister said that the idea of $5 trillion economy is not a sudden development and that it is based on a deep understanding of the strengths of the country," a statement by the Prime Minister's Office said.
He added that the strong absorbent capacity of the Indian economy shows the strength of the basic fundamentals of the economy and its capacity to bounce back.
"The strong absorbent capacity of the Indian economy shows the strength of basic fundamentals of the Indian economy and its capacity to bounce back," he said adding sectors like tourism, urban development, infrastructure, and agri-based industry have a great potential to taking forward the economy and for employment generation.
"The Prime Minister said that this would also foster a positive mood and 'can do' spirit in the society," the statement read.
Stating that India is a land with unlimited possibilities Modi has requested all stakeholders to do their bit to bridge the gap between reality and perception.
"We must all work together and start to think like a nation," the statement said quoting Modi.
The speakers urged the government to focus on credit expansion, exports growth, governance of public sector banks (PSBs), increasing consumption and job creation. As many as 40 experts and economists attended the meeting, a news agency reported citing sources.
The PM has assured them that he would act on suggestions which can be implemented in short-term and also consider long-term suggestions in due course of time as these require structural reforms, the report said.
"Honourable PM @narendramodi had an interactive session with economists & industry experts at @NITIAayog today. Discussed a wide range of issues relating to economic growth, startups & innovation," Niti Aayog Vice Chairman Rajiv Kumar tweeted.
