In a bid to boost job creation in India, PM Modi on Monday met with India's top business stalwarts and discussed ways to improve growth in the country. Present in the meeting were notable businessmen like Anand Mahindra (Mahindra & Mahindra), Ratan Tata (Tata Sons), Mukesh Ambani (Reliance), Gautam Adani (Adani Industries) to name a few. This move comes after Finance Minister Nirmala Sitharaman met businessmen to express their concerns ahead of the Union Budget announcement on February 1. Notably. India's 5G trials are also scheduled to be held in January where all Telecom players have been allowed to participate by the Centre.
Earlier on December 31, Sitharaman, announced that the Investment task force has identified infrastructure projects worth 102 lakh crore for the next 5 years, at the year-ending Finance Ministry press briefing. The task force which was formed in August has consulted with 70 stakeholders to identify the key projects, said the Finance Minister. Highlighting the key areas of investment areas, Sitharaman listed - Power - including renewable, railways, agriculture, irrigation, mobility, health, water, and digital sector.
Previously, the Confederation of Indian Industry (CII) predicted that the economy would recover and overcome its slowdown in 2020. The CII president Vikram Kirloskar that there would be a subdued GDP in the third quarter as well, he maintained that the economy would bounce back in the period thereafter. This development comes a few days after the Centre for Economics and Business Research (CEBR), a UK based think tank stated that India would achieve the goal of $5 trillion economies by the year 2026.
Earlier in November 29, India's second-quarter GDP (July-September) numbers stood at 4.5% - the slowest growth in almost seven years. The previous quarter (April-June) GDP numbers were at 5% and the Q2 (2018-2019) stood at 7%. This development comes inspite of the government's various economic moves like the merger of 9 PSU banks into 4, major corporate tax cuts, policy changes in the automobile sector, reduction in tax regulations to boost foreign income, attract investors and increase the consumer demand. The government currently follows the base year of 2011-12.