PM Modi holds huddle with Economic Advisory Council on growth strategy; deliberates measures to improve ease of doing business and living
“A wide range of issues related to India’s economic transformation and long-term development priorities were discussed,” Modi shared on X. “He also shared perspectives on further impetus to the reform journey and ensuring Ease of Living and Ease of Doing Business.”
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The Indian economy grew at a better-than-expected 7.8% in the March quarter compared to the previous year, taking FY26 growth to 7.7%.
The meeting chaired by the Prime Minister was attended by chief secretary PK Mishra and principal secretary-2 Shaktikanta Das. Others who attended the meeting included EAC chairman Mahendra Dev and members Sanjeev Sanyal, Shamika Ravi and Sanjay Kumar Mishra.
The impact of conflict in West Asia, resulting supply chain disruptions, concerns over rupee depreciation and steps needed to maintain growth momentum were some of the topics discussed.
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Experts have emphasized the need to advance economic reforms over the past few days.
The Center and the RBI on Friday announced steps to strengthen the rupee, attract foreign investors through tax exemptions, expand the list of securities in which foreigners can invest and increase investment limits for NRIs and OCIs, among other measures. Following these statements on Friday, the rupee strengthened.
The RBI reduced the FY27 growth forecast to 6.6% from 6.9% and raised the inflation forecast to 5.1% from the earlier estimated 4.6% due to the effects of the Gulf war and an expected weak monsoon that could increase food inflation. As part of its efforts to support growth, it kept the policy rate unchanged at 5.25 percent.
The Center has made intense efforts over the past few weeks to deal with the impact of the war in West Asia. Prime Minister Modi appealed to all Indians to follow austerity measures and avoid non-essential expenses for a year. These include avoiding foreign weddings and buying gold. He also appealed to farmers to practice organic farming and avoid the use of fertilizers. The government has assured the public many times that there will be no shortage of basic necessities.
