NEW DELHI: Days after Finance Minister Arun Jaitley indicated the announcement of lower income tax rates in the Union Budget, Prime Minister Narendra Modi met with independent economists and experts at NITI Aayog on Tuesday and solicited their suggestions on the ways to bring down the tax rates.
Stating that the new Budget calendar would ensure authorisation of funds for different sectors at the very beginning of the financial year, Modi said it would have an impact on the ‘real economy’.
“On budget related issues, there was discussion on ways to bring down tax rates. Some speakers mentioned that the revenue collection is just a fraction of what is due to the government,” NITI Aayog vice-chairman Arvind Panagaraia said.
Modi, according to sources, also sought suggestions from economists on ways to boost job creation, agriculture, skill development and education. The NITI Aayog also gave an overview of the three years Action Plan to the Prime Minister and the independent economists, which is likely to be unveiled next month.
Meanwhile, addressing a rally in poll-bound Uttarakhand, Modi lashed out at the Opposition parties for levelling allegations against him. “With just one move on November 8, the worlds of terrorism, drug mafia, human trafficking and fake note smuggling were destroyed,” the Prime Minister said.