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Modi to meet Union ministers, secretaries on economy, commerce
The meeting is of ‘utmost importance’, as it takes place in the backdrop of the World Bank’s latest report which indicates that the world could face a recession next year, an official said.
Prime Minister Narendra Modi will meet the council of ministers and all secretaries later this month for a threadbare discussion on the issues of economy and commerce, officials familiar with the matter told HT.
One of the officials mentioned above said the meeting is of “utmost importance” as it takes place in the backdrop of the World Bank’s latest report which indicates that the world could face a recession next year amid simultaneous tightening of monetary policy by central banks.
Also Read | World could face recession next year: World Bank report
“Also, for a long time, economy and commerce have not been discussed at such meetings,” the official added.
With just 20 months left for the next general election, the meeting is also intended to identify priority areas and political tasks, said the official.
The meeting, to be held either on September 28 or 30, is likely to see a stock-taking of the outcomes in the two sectors and also set new targets and deadlines for giving a further push to growth and new investments, while bracing for the global slowdown.
“All participants have been verbally informed, but no agenda of the meeting has been circulated so far to ensure free-flowing discussions on the two vital topics,” said the second official.
Another looming issue is the soaring retail inflation that has grown to 7% in August — the eighth consecutive month when the Consumer Price Index remained above the 6% mark, which is the upper limit of the Reserve Bank of India (RBI)’s tolerance band.
Political pressure is also mounting on the government ahead of elections in a number of states as well as the general elections in 2024. Opposition parties have been targeting the government on the issues of price rise and spiralling fuel prices, including cooking gas.
Discussions are also likely to be held on further ways to attract fresh investment and rejuvenate efforts for domestic production under the Make in India programme, said the second official.
“The Free Trade Agreements are a major area for the government and we are trying to push many of our traditional products, such as AYUSH components, into the WTO mainstream,” said the official.
So far, India has signed 13 Free Trade Agreements (FTAs) across the world and is now eyeing such agreements with the UK and Canada. Negotiations are also on for an FTA with the European Union.
In the last such meeting with the council of ministers, held on September 7, discussions were primarily on issues related to Department of Personnel and Training (DoPT).
