The first meeting of the Cabinet Committee on Investment and Growth, chaired by Prime Minister Narendra Modi, was held on Monday to look at ways and means of boosting demand and consumption and bringing back the struggling economy on track.

Sources said that the CCIG, which was set up in June after the BJP won a second term in office, met for first time today.

Though details of the decisions or discussions are not known yet, it is understood that PM Modi asked the ministers in the panel to respond to the needs of the sectors under their domain and make budgetary policies accordingly. The Budget is likely to be presented on February 1.

There was no official statement over the meeting.

Apart from the Prime Minister, the panel comprises Home Minister Amit Shah, Highways and MSME Minister Nitin Gadkari, Finance Minister Nirmala Sitharaman and Commerce and Railways Minister Piyush Goyal.

India's growth has plummeted to 4.5 per cent in the July-September quarter after Modi government returned to office for the second time, attracting world attention to the slowing economy.