How India Plans Growth Amid Global Challenges? PM Modi Preps Budget'25

As the world grapples with economic uncertainties and geopolitical upheavals, India is poised at a critical juncture. With a vision to steer the nation toward unprecedented growth, Prime Minister Narendra Modi convened a high-powered meeting with leading economists and thought leaders at NITI Aayog on Tuesday. The discussion, themed “Maintaining India’s growth momentum at a time of global uncertainty,” laid the groundwork for what could be a transformative Union Budget 2025-26.

TICE brings you highlights from the meeting.

Budget 2025 Preps Start

In his opening remarks, PM Modi struck a visionary tone, urging the participants to think beyond traditional economic models. "A developed India requires innovative thinking and transformative strategies," he said, reiterating the government’s ambitious goal of achieving Viksit Bharat (Developed India) by 2047.

This, he stressed, would require not just economic growth but a fundamental shift in mindset—an ecosystem that nurtures innovation, entrepreneurship, and sustainable development.

The meeting was no ordinary discussion; it was a brainstorming session that brought together some of the brightest minds in the country. From economists and analysts to academics and industry leaders, the room buzzed with ideas and insights that could shape the trajectory of the Indian economy in the years to come.

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The Crux of the Conversation

The agenda touched on India’s most pressing challenges:

• Global Uncertainty: With inflationary pressures, supply chain disruptions, and a volatile geopolitical environment, how can India insulate itself while continuing to grow?
• Youth Employment: The conversation delved into sustainable job creation and equipping the youth with skills that align with a rapidly evolving job market.
• Economic Modernization: From agriculture to industry, the participants discussed ways to modernize and innovate across sectors.

The meeting also highlighted the need for aligning educational reforms with emerging market demands, ensuring India’s workforce remains competitive in the global economy.

A Panel of Distinguished Minds

The gathering was a veritable think tank, with contributions from eminent personalities such as:

• Surjit S. Bhalla, Executive Director for India at the IMF, who provided insights on global trends.
• Ashok Gulati, a renowned agricultural economist, emphasizing the importance of agricultural modernization.
• Ridham Desai, Managing Director at Morgan Stanley India, who highlighted the role of private investment in sustaining growth.

Other notable participants included Prof. Amita Batra, Prof. Bharat Ramaswami, Sudipto Mundle, and Madan Sabnavis, each bringing their expertise to the table.

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The Finance Ministry’s Groundwork

While the PM’s meeting focused on long-term vision, Finance Minister Nirmala Sitharaman has been actively engaging with grassroots stakeholders in her pre-Budget consultations. From MSMEs and farmers’ associations to state officials, Sitharaman has been collecting inputs to ensure the Budget reflects the aspirations of diverse sectors.

Last Friday, she chaired a meeting in Jaisalmer with state and union territory officials, emphasizing regional inputs in shaping national policies. These consultations have already laid the foundation for the Budget preparation exercise, which officially kicked off earlier this month.

The upcoming Union Budget will be presented on February 1, 2025, marking Sitharaman’s eighth as Finance Minister. It carries immense expectations, not only as a roadmap for the remaining tenure of the Modi government’s third term but also as a potential game-changer for India’s economic future.

What Lies Ahead?

As stakeholders and analysts await the Budget, the key question remains: Can India leverage its demographic dividend, technological prowess, and entrepreneurial spirit to emerge as a global economic powerhouse?

The decisions made now will resonate for decades. With a mix of bold reforms, innovative policies, and strategic investments, the government seems determined to navigate the complexities of a volatile world and keep India’s growth engine roaring.

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This is not just about numbers on a balance sheet. It’s about defining a vision for 1.4 billion Indians and carving a unique space for India on the global stage—a vision that begins with bold steps like this week’s meeting.

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