PM Modi meets 40 economists to deliberate on economic policy, rising unemployment

Days after the Central Statistics Office (CSO) data showed that economic growth slowed to a 5-year low of 5.8 per cent in the fourth quarter of 2018-19, Prime Minister Narendra Modi met leading economists and experts on Saturday to deliberate on economic policy roadmap for promoting growth and employment generation.

"During the session, participants shared their views, in five distinct groups, on the economic themes of macro economy and employment, agriculture and water resources, exports, education and health," said a release issued by the Prime Minister's Office.

The Prime Minister thanked all participants for their suggestions and observations, on various aspects of the economy.

The meeting was organised by government think tank NITI Aayog. It was also attended by Commerce and Industry Minister Piyush Goyal and Minister of State (independent charge) for Statistics and Programme Implementation Rao Inderjeet Singh.

During the session, participants shared their views, in five distinct groups, on the economic themes of macro-economy and employment, agriculture and water resources, exports, education, and health. 

Earlier, Finance Minister Nirmala Sitharaman held a pre-budget consultation Meeting with state finance ministers. She exhorted states to work together with the centre, stating that while the centre sets the direction of economic growth, it is for the states to ensure effective implementation on the ground.      

Asserting that goals cannot be achieved unless states and the centre work together, the minister sought cooperation of all states and union territories to achieve the aspirations of the people while assuring her full support in this regard.

In a series of tweets, the finance ministry said that Sitharaman sought the cooperation of all the states and union territories in achieving the aspirations of the people and extended full cooperation from her side in achieving the desired goals. The meeting comes against the backdrop of recent Central Statistics Office (CSO) data showing that the economic growth slowed to a five-year low of 5.8 per cent in the fourth quarter of 2018-19, pushing India behind China, due to a poor showing by agriculture and manufacturing sectors.

The CSO data had also shown that joblessness was at a 45-year high of 6.1 per cent in 2017-18.

It also revealed that the annual Gross Domestic Product (GDP) for fiscal 2018-19 (at 2011-12 prices) was at a five-year low of 6.8 per cent. The GDP growth was 7.2 per cent in 2017-18.

The meeting also assumes significance as it comes ahead of the presentation of the Union Budget on July 5 by Finance Minister Nirmala Sitharaman.    

With Agency Inputs