Chintan Shivir to cocus on ensuring high growth rate

economictimes.indiatimes.com:

Chintan Shivir of the ministries of finance and corporate affairs, starting August 20 in Kevadia in Gujarat, will deliberate on both short and long-term measures that are required to achieve as well as sustain high growth rates, control inflation and tide over external headwinds, a person close to the development said. Finance and corporate affairs minister Nirmala Sitharaman will address the meeting on August 21, which will be attended by senior officials of all the departments of the two ministries.

As part of the longer term initiatives, the meeting's focus would be to lay out a viable road map for turning India into a developed economy by 2047, as envisaged by Prime Minister Narendra Modi. «This road map could essentially focus on medium-to-longer term reforms that will be needed to sustain high growth rates so that the goal of making India a developed nation by 2047 is materialised,» said the person.

Potential hurdles to likely reforms in this regard could also be identified during the deliberations for necessary action, he added. Global rating agency S&P recently projected India's gross domestic product to nearly double to $6.7 trillion by FY31 from $3.4 trillion in FY23.

As for short-term reforms, the meeting would focus on «low-hanging fruit» and also deliberate on sustained push to capital expenditure to stir economic growth. Additional steps required to curb price pressure, especially in food, are also expected to feature prominently in discussion, as both the fiscal and monetary authorities strive to douse the inflation fire.