new Delhi: Eminent economists, in a meeting with Prime Minister Narendra Modi, urged to actively pursue privatization of public sector undertakings and increase investment in infrastructure projects. He also advised to avoid being challenged by the government’s decisions of international arbitration courts to maintain investor confidence in the country. Also Read – Budget 2021: PM will meet with leading economists today to discuss general budget, opinion will take measures to boost economy
In the pre-budget meeting held through video conferencing with the Prime Minister, economists also said that the government should adopt a liberal attitude towards fiscal deficit in the upcoming budget of 2021-22. At this time it is necessary to increase spending for the revival of the Corona virus-affected economy. According to sources, the participants in this meeting urged the government to adopt policies that increase exports and boost investor confidence. Also Read – The economy affected by Korana is expected to decline by 7.7 percent this year.
He said that despite many types of structural reforms in various sectors, large amount of investment has not come. A source present at the meeting said, “There is a need to increase investor confidence. The government should avoid challenging everything (like the decisions of international arbitration courts). This is quite important because despite many reform measures taken, investors are still reluctant to invest in India. ” Also Read – Supreme Court expresses concern over farmer movement, said – problem may be like tabliagi Jamaat
The speakers present in the meeting also stressed on increasing the average of tax in front of the country’s GDP. He said that this average is decreasing since 2008. The government should focus on rationalizing import duty and recapitalization of banks. Some speakers also suggested to create a separate ministry for privatization of public sector undertakings and sale of assets if needed. Arvind Panagariya, KV Kamat , Prominent economists like Rakesh Mohan, Shankar Acharya, Shekhar Shah, Arvind Virmani and Ashok Lahiri, among others.
Finance Minister Nirmala Sitharaman, Minister of State for Finance Anurag Thakur, Minister of State for Planning Indrajit Singh, NITI Aayog Vice-Chairman Rajiv Kumar and NITI Aayog CEO Amitath Kant were also present at the meeting ahead of the General Budget for 2021-22 to be presented on February 1. Is getting In this sense, this is a very important meeting. The suggestions given in this can be included in the upcoming budget. Sources said that some economists suggested to focus on export incentives.
He said that it is necessary to promote domestic manufacturing. Most economists insisted on taking concrete steps to boost investor confidence. According to the National Statistics Office (NSO) estimate released on Thursday, the Gross Domestic Product (GUP) fell by 7.7 percent in the financial year ending March. Is expected to come.