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NEW DELHI: The government has made clear its intention to undertake reform measures to boost growth and highlighted the need to make the Indian economy competitive, Prime Minister Narendra Modi told a group of economists and sectoral experts on Saturday at a meeting ahead of the presentation of the Union Budget.

The sectoral experts at the meeting held at Niti Aayog were drawn from areas such as labour and employment, farm sector, health and education. The Prime Minister is understood to have indicated that not all steps can be unveiled in the Budget slated for July 5 but that the government will continuously address concerns over growth and jobs even as he noted that the country is ready for change.

“Lively, vibrant, constructive and extremely positive discussions with economists and experts on ‘economic policy: the road ahead’ under the chairmanship of Prime Minister,” Niti Aayog tweeted. Attendees were divided into five groups to suggest breakthrough ideas on employment, agricultural and water resources, exports, education, and health.

Presentations were then made to the PM on the five topics. “Several ideas were put on the table to boost growth and measures to provide an impetus to employment,” said a source. Another source said recommendations were made with regard to the financial sector and the stress in the NBFC segment was highlighted.

“There was a discussion on asset monetisation and raising resources,” said the source. Growth has slowed and experts have called for providing a stimulus to boost growth. The lack of fiscal space has compounded the government’s problems and all eyes are now on the Budget for clues to measures to provide a booster shot to several sectors of the economy. Industrial production growth has slowed and car sales have plummeted, dampening sentiment.

The government has also vowed to take measures to revive the fortunes of the farm sector as well as take steps to mitigate the shortage of water. A separate ministry of jal shakti has been created to deal with the problem. The delayed monsoon has also put pressure on the rural economy and experts say measures are needed to thwart any prospect of drought in parts of the country.

The meeting was also attended by commerce, industry and railways minister Piyush Goyal and planning, statistics & programme implementation minister Rao Inderjit Singh.



In Video: PM Narendra Modi says reforms on govt’s agenda, ahead of Union Budget