Members of the newly-constituted NITI Aayog on Friday told Prime Minister Narendra Modi that the government needs to work towards high growth, predictable tax regime, fiscal prudence and rapid infrastructure development.
Chairing the first meeting of the Aayog, Modi had solicited their views on the state of economy, ways to perk up revenue mobilisation, expenditure rationalisation and suggestions to put the country back on a high growth path. He prescribed that the institution should work towards promoting cooperative federalism and facilitate healthy competition for development among the states. The Aayog was set up with the objective to establish a dynamic institutional mechanism where eminent individuals outside the government could contribute to policy making.
He pointed out that the country must develop fast, taking advantage of current global environment to meet the aspirations of the people. He cited the recent initiatives of the government, which include the Pradhan Mantri Jan-Dhan Yojana, direct cash transfer of LPG subsidy, and Swachh Bharat.
Emerging from the meeting, finance minister Arun Jaitley told reporters that the meeting was organised with “some very eminent economists with regard to the state of economy and steps required to boost investment, growth and even specific suggestions with regard to the Union Budget.”
“The economists emphasised on the need for the Government to work towards high growth, predictable tax regime, fiscal prudence and rapid infrastructure development,” according to an official statement issued after the meeting.
The members also gave suggestions on various sectors of the economy, the statement added. The Aayog’s vice-chairman Arvind Panagariya along with two full-time members Bibek Debroy and VK Saraswat were also present at the meeting.
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