Expert panel suggests ways to achieve USD 5-trillion economy target: Niti Aayog

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  1. The Prime Minister had an interaction with economists and industry experts on India’s current economic situation.
  2. During the interaction,NITI Aayog has said that the experts panel for macroeconomics and employment has came out with suggestions to achieve $5-trillion economy target.
  3. During the session,the experts shared their views in five distinct groups, which are (a)economic themes of macro economy and employment, (b)agriculture and water resources (c)exports (d)education and (e)health.
  4. The expert panel has suggested (a)Improvement of governance in PSU banks (b)enhancing growth rate of exports & (c)employment generation.
  5. Further opening of banking and insurance sectors for FDI,speeding up disinvestment process and management of water resources were also among the focus areas of PM’s interaction.
  6. This interaction took place in the backdrop of issues such as (a)pressure on the fiscal numbers (b)Consumption is down across the board (c)corporate profits are hit (d)the banking crisis is showing no signs of abating (e)private investment is low and (f)manufacturing which is the only sector capable of generating jobs on a large scale has not picked up
  7. Further,the structural crisis in agriculture persists with low farmer incomes and a mismatch between the (high) share of population engaged in farming and its (shrinking) contribution to the GDP.

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