PM Modi Meets Economists, NITI Aayog Officials Ahead of Union Budget
Image Source: ANI
The first full budget of Modi 3.0 is going to be presented on July 23. And before that, PM Modi met various top economists to gather crucial suggestions and recommendations on Thursday. Top NITI Aayog officials were also present in the meeting, including NITI Aayog vice chairman Suman Bery. Finance Minister Nirmala Sitharaman, Planning Minister Rao Inderjit Singh, economists Surjit Bhalla and Ashok Gulati, and veteran banker KV Kamath were also present in the meeting.
It would be crucial, as it will be the first full Union Budget of Modi’s 3.0 term. Various sectors are seeking relief from this year’s budget, especially the education sector, where the call for seeking GST exemption on all educational expenses is gaining momentum. Prices of medicines are expected to rise after the budget; however, in April this year, Union Minister Mansukh Mandaviya announced that there would be no increase in the prices of essential medicines for this fiscal year due to negligible growth in wholesale price-based inflation.
Fund allocation for MGNREGA is also expected to increase as 40% of the budget allocation for the flagship Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) has already been utilised, implying that the government may have to increase the outlay for the demand-driven scheme from Rs 86,000 crore estimated in the interim budget.
NITI Aayog has been tasked with preparing a vision document for India to become a $30 trillion economy by 2047. A need for careful evaluation of financial allocation, fiscal consolidation, and economic growth is needed in this year’s budget. The middle-class population also expects some income tax relief and certain increases in subsidies for basic items.
The Union Budget 2024 can lay the direction by incentivizing initiatives through expenditure on projects where responsible uses of AI are encouraged and verified information is delivered to end-users, as artificial intelligence (AI) is turning out to be a game-changer for economies across the world.
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