Economists tell PM to work for high growth, predictable taxes

Primer Minister Narendra Modi today picked the brains of leading economists in the first meeting of the newly-constituted NITI Ayog, where they asked the government to work towards high growth, predictable tax regime, fiscal prudence and rapid infrastructure development.
Setting the tone for the discussion, Modi emphasised on the need for cooperative federalism and added that he favoured healthy competition for development amongst states.
India, he said, must development fast, taking advantage of the current global environment to meet the aspirations of the people.
He was apparently referring to the near six-year low in international oil prices and the slow down in other major economies that can provide opportunities to India.

Modi asked for the views of the economists on the state of economy, ways to perk up revenue mobilisation, expenditure rationalisation and suggestions to put India back on high growth path.
He said an objective of NITI (National Institution for Transforming India) Aayog was to establish a dynamic institutional mechanism where "eminent individuals outside the government system" could contribute to policy making.

Briefing reporters after the meeting, Finance Minister Arun Jaitley said the meeting was organised with "some very eminent economists with regard to the state of economy and steps required to boost investment, growth and even specific suggestions with regard to the Union Budget".

Niti Aayog is a "think tank" also and today's meeting was in that context, Jaitley added.
An official release said the economists emphasised on the need for the government to work towards high growth, predictable tax regime, fiscal prudence and rapid infrastructure development.