INSUBCONTINENT EXCLUSIVE:
in office, Prime Minister Narendra Modi on Tuesday brainstormed with top bureaucrats of finance and other ministries to finalise the
government's 100-day agenda with a focus to revive the sagging economy and create jobs
Sources said the meeting at the Prime Minister's residence had in attendance all five secretaries in the finance ministry and other key
ministries as well as top officials of the Niti Aayog.The high-level meeting is also expected to clear a five-year vision for the government
with view to achieve $5-trillion economy goal in the shortest possible time-frame.It is believed that future course of many of the prime
minister's pet projects like doubling farmers' income, PM-KISAN, Pradhan Mantri Awas Yojana, piped water for all, electricity for all and
others was discussed.With the farm sector facing headwinds, PM Modi last week stressed upon the need for structural reforms in agriculture
which would boost private investment, strengthen logistics and provide ample market support to farmers.The prime minister is likely to have
discussed the road map for reforms for every department with a view to making it easier to do business in the country and boost the
economy.The agenda for increasing revenue mop-up and taking reform steps to push GDP growth, which has slipped to 5-year low of 6.8 per cent
in 2018-19, may have also figured in the meeting, they said
Data showed that even though inflation continued to be within the RBI's comfort range, economic growth in January-March quarter slumped to
a 5-year low of 5.8 per cent, pushing India behind China, due to poor showing by agriculture and manufacturing sectors.With 2019-20 budget
scheduled to be presented on July 5, PM Modi has started holding deliberations with top most bureaucrats for ideas, which could form part of
the Budget.While steps to promote investments in manufacturing would be high on agenda, the Modi 2.0 government would also look at steps to
address agriculture distress and improve farm income in the upcoming Budget.The Budget, which would be presented by Finance Minister Nirmala
Sitharaman, is expected to address issues like slowing economy, financial sector troubles like rising NPAs and liquidity crisis in NBFCs,
job creation, private investments, exports revival, agrarian crisis, besides raising public investment without compromising on fiscal
prudence.In their pre-budget meeting with Ms Sitharaman last week, economists suggested Insolvency - Bankruptcy Code (IBC)-type framework
for NBFC sector, besides initiating job-oriented growth measures and maintaining fiscal prudence.Financial sector on their part pitched for
a special liquidity window for non-banking finance companies.Labour survey report released officially last month showed unemployment touched
a 45-year high of 6.1 per cent in 2017-18.
