Prime Minister Narendra Modi on Tuesday was reported as having met several key secretaries to understand and receive suggestions on the road-map for the economy from the upcoming Budget 2019-2020.
In his second term as the Prime Minister, this is Modi's second of such a meeting involving key Secretaries. Some of the ministries that the PM met include Finance Ministry as well as the CEO of Niti Aayog.
IANS reported its sources as saying that the meeting was conducted at Modi's official residence and the discussions involved ideas on how to increase revenues as well as steps to improve GDP based growth.
Finance Minister Nirmala Sitharaman is expected to present the budget on July 5. Some of the critical issues that are expected to be addressed with the budget include liquidity crisis for non-banking financial companies, steps to mitigate an agrarian crisis as well as larger growth related issues. Liquidity crisis, which came to light after the IL&FS crisis, has hit the economy hard across segments from trade to real estate.
Jobs growth which in recent times was reported as having sunk to a 45 year low, improvement in trade-commerce numbers, and GDP upliftment are areas that are expected to get some policy intervention. The Union Budget for the financial year 2019-2020 gains significance as the economy is going through a rough patch with the GDP growth rate declining to 5.8 per cent during the January-March quarter of the financial year 2018-19, from 7.7 per cent on a year-on-year basis.
Meanwhile, the Prime Minister is also expected to meet several sector heads and economists on June 22 to get an understanding on their expectations and suggestions.