Experts Brainstorm on Note Ban, Jobs and Farm Woes at NITI Aayog

The mandate is to come up with concrete suggestions before PM Narendra Modi in the upcoming budget.

NITI Aayog CEO Amitabh Kant. (Photo: ANI screengrab)

As chairman of NITI Aayog, Prime Minister Narendra Modi has called a meeting of experts to take stock of the economy and get feedback on ways to deal with the problem of cash crunch post demonetisation.

The theme is 'Economic Policy Reform, Road Ahead', the sources said, adding that there are about 15 invitees for the conference.

Economists and experts brainstormed at NITI Aayog today on issues like job creation, agriculture and skill development, before briefing Prime Minister Narendra Modi on steps that could be taken in the upcoming budget.

The mandate is to come up with concrete suggestions to neutralise the adverse impact of demonetisation, push growth with special focus on employment generation, and promote farm productivity.

Once firmed up, the suggestions will be placed before the Prime Minister later.

According to an official, the Prime Minister will also take stock of various initiatives of NITI Aayog to promote digital economy like Lucky Grahak Yojana and Digi Dhan Vyapaar Yojana for digital payments.

According to sources, 4-5 sectoral groups have been set up to discuss new initiatives and budget proposals.

The meeting assumes significance in view of various multilateral agencies and RBI lowering growth outlook for the current fiscal. RBI has reduced the forecast to 7.1 percent from 7.6 percent in its monetary policy review earlier this month.

Multilateral funding body Asian Development Bank (ADB) too slashed growth projection to 7 percent for the current fiscal, from its earlier 7.4 percent due to the impact of cash recall on economic activities.

Indian economy expanded by 7.1 percent and 7.3 percent in first and second quarters of 2016-17, respectively.