SME Times News Bureau | 04 Jan, 2020
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.
"Earlier also, this exercise had happened. In
continuation with that, the ministries are again giving presentations on their
performance," said an official.
Weeks before the Union Budget and in the wake of slowing economy, 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.
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.