New Delhi: The new government is likely to hold the first cabinet meeting on the Indian economy on Wednesday. The meeting chaired by Prime Minister Narendra Modi will discuss several key issues on the country’s economic status and carry forward the economic growth for the next five years. Besides, the government is likely to address major economic policies and initiatives, setting the stage for the government’s full Budget 2024-25 announcement poised for next month, a source privy to the development said on Tuesday.
It is also learnt that the cabinet committee on economic affairs may announce some crucial decisions in this regard. “The agenda of the meeting is expected to primarily focus on the continuing policy and its deliverance in the 100 days of the Modi 3.0 government. Aiming for job growth across the country, the government will focus on steps to increase manufacturing capacity in several sectors, mostly in EV and energy segments through production-linked incentive or PLI scheme,” the source said.
“Therefore, the forthcoming cabinet meeting may have some discussion on these specific sectors and few crucial decisions are likely to be taken as well later in the evening. Besides, the PLI scheme to furniture, toys, footwear and more segments of textiles, along with a focus on MSMEs are under the government’s consideration too,” added the source.
Union finance minister Nirmala Sitharaman has reportedly started the pre-Budget consultations with economists, industry leaders and other stakeholders as well. Besides, a lot of groundwork has already been carried out by the officials in the several ministries, who were tasked by Modi to prepare the 100-day plan of the government in his consecutive third term.
In the middle of this week, the finance minister is expected to have several meetings with economists, farm exports, market participants, bankers and labour unions, among other stakeholders, and will listen to their demands and views for the growth of the concerned sectors as well.
