{IMAGE – PTI}
Prime Minister Narendra Modi recently met with leading economists to discuss plans for the upcoming budget. The main focus was on finding ways to boost economic growth and reach a target of 7-8% in the next financial year. Given the challenges posed by global uncertainties, the talks emphasized the need for strong reforms and important steps to ensure India’s long-term and stable development.
Key Discussion Points –
1. Income Tax Reforms:– Economists strongly advised lowering income tax rates to help the middle class and give them more money to spend. They also suggested simplifying customs tariffs to make trade smoother and attract more investments.
2. Boosting Manufacturing:– The government focused on improving the manufacturing policy to boost production and create more jobs. Experts highlighted the need to make India a key center for global manufacturing.
3. Infrastructure Development:– The government suggested putting a lot of money into building and improving roads, transportation systems, and energy facilities to make it easier for people and goods to move around. Experts advised that these projects would help the economy grow and make businesses more efficient in the future.
4. Trade Policy Overhaul: – To make India more competitive in global markets, creating trade policies focused on exports and controlling imports were seen as key steps.
5. Inclusive Growth: – A key focus was on reducing the differences between rural and urban areas. Economists pushed for equal development to promote fair growth and lessen inequality. The goal is to make India a developed country by 2047.
Budget 2025-26 Expectations
The discussion takes place before the Union Budget for 2025-26, which Finance Minister Nirmala Sitharaman will present on February 1, 2025. This budget is particularly important as the government deals with slower economic growth—India’s GDP growth fell to 5.4% in the second quarter of the 2024-25 financial year due to strict policies aimed at controlling inflation.
The suggested changes aim to tackle current problems while securing long-term economic stability. Experts think that steps like reducing income taxes, expanding infrastructure, and improving trade could greatly increase both local and global trust in India’s economy.
Inclusive Approach
Along with these top-level talks, the government is also talking to different groups involved. Finance Minister Sitharaman has spoken with trade specialists, state finance ministers, and farmer organizations. This is to make sure the budget includes different views and meets the needs of various sectors.
A Roadmap for India’s Future
The discussions before the budget show the government’s focus on creating a plan that looks ahead, balancing quick recovery with long-term growth. As India gets closer to announcing the Union Budget for 2025-26, everyone is watching for the policies that could help the country move toward becoming a developed economy by 2047.
This budget is likely to bring new ideas to tackle economic problems, making sure India stays strong and competitive globally.
BY – NIKITA
