Amidst the growing concern over the slowdown of the economy, Prime Minister Narendra Modi will hold a meeting with leading economists and experts today.
The meeting which has been organised by NITI Aayog will be attended by various ministers, NITI Aayog functionaries, leading economists, sectoral experts and industrialists.
During the meeting, the economists will be making presentation on steps that need to be taken to address slowing economy, financial sector troubles such as rising Non-performing assets (NPAs) and the liquidity crisis in Non-Banking Financial Companies (NBFCs), job creation, private investments, exports revival, agrarian crisis and to raise public investment without compromising on fiscal prudence.
The move comes in the wake of the data that was revealed by the current government that economic growth in the January-March quarter tumbled to a five-year low of 5.8 percent due to the poor performance of the agriculture and manufacturing sectors. Due to it, India has ceded space to China as the world’s fastest-growing major economy.
The Central Statistics Office (CSO) data had also shown that joblessness was at a 45-year high of 6.1 percent in 2017-18. It also revealed that the annual Gross Domestic Product (GDP) for fiscal 2018-19 was at a five-year low of 6.8 percent. The GDP growth was 7.2 percent in 2017-18.