With just a fortnight left for the Union Budget to be presented by Finance Minister Nirmala Sitharaman, Prime Minister Narendra Modi on Thursday flagged some key issues in the meeting with economists. In his meeting with experts and economists PM Modi touched upon the complexities of Centre-state relations, particularly with the funding programs and schemes. PM @narendramodi meets eminent economists at NITI Aayog ahead of Union Budget.@NITIAayog pic.twitter.com/XiCX41Smk4— All India Radio News (@airnewsalerts) July 11, 2024The meeting was held at the NITI Aayog office in the presence of Finance Minister Nirmala Sitharaman and Principle Secretary PK Mishra. Apart from that, about 20 economists and experts were also present in the crucial meeting.Key agenda: The goal of becoming a developed nation by 2047After interacting with the experts and economists, PM Modi on Thursday posted on X, “Earlier today, interacted with eminent economists and heard their insightful views on issues pertaining to furthering growth.”Earlier today, interacted with eminent economists and heard their insightful views on issues pertaining to furthering growth. pic.twitter.com/iWDyy1S6Li— Narendra Modi (@narendramodi) July 11, 2024The budget holds special significance as it is set to be the first budget of Modi 3.0 under his administration. Notably, the Finance Minister will present the budget for FY 2024-25 on July 23.According to sources, it seems like the upcoming budget is set to prioritize several key areas based on the discussions from the PMs meeting with economists. Heres a breakdown of what the focus is likely to be:Job Creation: Expect initiatives aimed at boosting employment opportunities across various sectors, possibly through incentives for industries that have high job creation potential. This could include support for MSMEs (Micro, Small, and Medium Enterprises) which are significant employers.Focus on manufacturing: Apart from this, the experts also discussed the manufacturing sector in detail with the PM, and the view was that India should focus more on it as it will play a crucial role not only in getting into global supply chains but will also help India becoming the world leader. This might include incentives for technology adoption, R&D, and skill development in the manufacturing sector.Rural Economy: There may be measures to bolster the rural economy, which is crucial for inclusive growth. This could involve increased investments in rural infrastructure, agriculture, rural industries, and schemes to improve income levels and quality of life in rural areas.Infrastructure Development: Funding for infrastructure projects could be a key component, focusing on both urban and rural areas to improve connectivity, reduce logistics costs, and support economic activities.Health and Education: It is also anticipated that the investments in health and education sectors may also feature prominently, as they are critical for human capital development and improving overall productivity.In addition to this, initiatives to promote sustainability in various sectors, such as renewable energy, clean technologies, and environmentally friendly practices are among the focus areas. Digital transformation across sectors is likely to be supported to enhance efficiency and competitiveness.Overall, the budget is likely to aim for inclusive growth, job creation, and strengthening of key sectors like manufacturing and rural economy, with a focus on sustainable and digital-led development. These priorities reflect a holistic approach to economic recovery and long-term growth.
