In preparation for the Union Budget 2025–2026, Prime Minister Narendra Modi met in-depth with prominent economists and thought leaders at NITI Aayog on Tuesday. The purpose of the summit, which had as its theme “Maintaining India’s growth momentum at a time of global uncertainty,” was to come up with suggestions for directing India’s economic trajectory in the face of global challenges.
Credits: NDTV Profit
Speaking to the crowd, Prime Minister Modi expressed his gratitude for the variety of insightful points of view that were offered. He emphasized the importance of embracing a revolutionary mindset and the need for economic policies founded on creativity, inclusivity, and resilience in order to achieve the objective of a Viksit Bharat (Developed India) by 2047.
Key Discussions: Tackling Global and Domestic Challenges
Economists and analysts engaged in discussions spanning critical areas of the economy. Key focus points included:
Navigating Global Uncertainty: Strategies to mitigate risks posed by volatile global economic conditions and geopolitical tensions were deliberated. The participants highlighted the need for a robust export framework and self-reliance in critical sectors.
Enhancing Employment Opportunities: Job creation, particularly for the youth, took center stage. Experts discussed ways to generate sustainable employment by fostering industrial growth, entrepreneurship, and innovation.
Education and Skills Alignment: Matching education and skill development initiatives to changing industry demands was another crucial target. In order to prepare India’s workforce for new sectors, participants emphasized the significance of improving vocational training and fostering digital literacy.
Among the notable economists who participated in the debates were Ridham Desai, Ashok Gulati, Sudipto Mundle, and Surjit S. Bhalla. Their varied backgrounds enhanced the discussions and guaranteed a thorough approach to the country’s economic development.
Finance Minister’s Multilateral Consultations
Finance Minister Nirmala Sitharaman has been holding in-depth pre-budget meetings with a number of stakeholders in parallel with PM Modi’s meeting. These interactions include discussions with state officials, farmers’ associations, and MSMEs’ representatives. The government’s dedication to a participatory approach in budget formulation was demonstrated by the noteworthy conference with States and Union Territories that took place in Jaisalmer.
A long-standing custom of the Finance Ministry is the pre-budget consultation process, which aims to include a variety of perspectives. The annual budget is built on these conversations, which guarantee that it takes into account the goals of all sectors.
The Budget’s Significance in Modi 3.0 Era
On February 1, 2025, Finance Minister Sitharaman will introduce the Union Budget 2025–26 for the eighth time. With its emphasis on long-term economic growth and attention to urgent issues, this budget is well-positioned to set the tone for the rest of PM Modi’s third term.
Important announcements are anticipated in fields like health, renewable energy, digital economy, and infrastructure. The government’s commitment to fiscal restraint will also probably be counterbalanced by initiatives to increase investment and consumption.
Credits: Economic Times
A Collaborative Path to Economic Growth
The conclusions drawn from PM Modi’s meetings and the Finance Ministry’s discussions highlight the cooperative methodology that forms the basis of India’s economic strategy. India’s leadership is steadfast in its resolve to use strategic planning and collective expertise to overcome obstacles and take advantage of opportunities as long as there are global uncertainty.
The 2018 budget seeks to maintain India’s growth momentum and lay the groundwork for the country’s aspirational goal of becoming a developed nation by 2047 by promoting an atmosphere of innovation, inclusivity, and resilience.
What Lies Ahead?
Anticipation for the government’s economic strategy is growing as the budget is less than two months away. Will it bring about radical reforms? Will it successfully handle structural issues? There is little doubt that India’s government is doing everything possible to create a budget that aligns with its goal of having a thriving, independent, and globally competitive economy.
