PM Narendra Modi said on Tuesday that advancing the date for the presentation of the budget will help to get the funds authorised for different sectors at the start of the fiscal year. The NITI Aayog meeting on ‘Economic Policy The Road Ahead’, PM Narendra Modi addressed the panel of economists.
The Prime Minister called for a special focus on the skill development and tourism. “The date of budget presentation is being advanced so that expenditure is authorised by the time the new financial year begins”, said Narendra Modi.
NITI Aayog Meeting – Talks on budget formation commenced
Modi said that the change in the budget cycle will have a real effect on the economy. It would be for the first time that the budget will be presented much before than usual. The government has decided to present the budget o Feb 1 instead od Feb 28.
This time around there would not be separate railway budget as it will be included in the overall budget from now on.
The meeting stretched for two hours and during the meeting the Prime Minster said that he hopes that the different departments work with ample coordination among them.
In the meeting, the economists gave a presentation on the three focus points i.e. agriculture, jobs and the budget related issues as told by Arvind Panagariya, NITI Aayog Chairman.
Modi said that it is not that the citizens do not want to pay taxes, but that they would be willing to pay taxes in case their money is spent correctly. He added that more youth need to be engaged in the sectors so that the economic development can be speeded up.