New Delhi, Jan 3 (IANS) Weeks before the Union Budget and in the wake of slowing economy, Prime Minister Narendra Modi has started taking presentations from the sector-specific committee of secretaries (CoS) which will be the basis for setting a five-year vision for various ministries and departments.
The key ministries are set to apprise the PM and the Council of Ministers about their performance as per schedule fixed by the Prime Minister’s Office (PMO). Staring Friday, the process is spread over the next few days.
“Earlier also, this exercise had happened. In continuation with that, the ministries are again giving presentations on their performance,” said an official.
Another official said that the presentation is scheduled on Saturday also.
“Since it is happening before the Budget, the inputs would certainly be taken for the Budget but the idea is to set a medium target to revive the economy and eventually reach the goal of $5 trillion economy,” the official said.
Sliding quarter after quarter, the GDP plummeted over six year low to 4.5 per cent in July-September quarter of the current fiscal. Moreover, most macro indicators continue to be in red or showing only marginal uptick.
The Reserve Bank of India (RBI) last month cut GDP growth forecast for the current fiscal to 5 per cent. Most research and rating firms have revised their projections downward.
Seeking to push the sagging economy, the government has lined up infrastructure projects worth Rs 102 lakh crore across 18 states and Union Territories (UTs) with the bulk of the projects in the sectors of railways, urban development, health, water and education.