"There's no way to deny a slowdown anymore. Tax collection targets are also unrealistic. In such a situation, the government may relax its fiscal deficit target to generate growth," the official said.
"Whenever elections deliver a thumping majority for a party, usually big bang reforms happen in the first year. This Budget could provide a roadmap for that," said Sidhwa.
"The Centre has the responsibility of setting the direction of the economic growth while it is the responsibility of the states to implement," said Sitharaman.
The meeting was attended by Rajiv Kumar, Vice-Chairman, NITI Aayog, Subhash C Garg, Finance Secretary, Ajay Bhushan Pandey, Revenue Secretary, Rajiv Kumar, Secretary, DFS, Girish Chandra Murmu, Expenditure Secretary and KV Subramanian, CEA among others.
The government must create a balance between keeping the consumer prices under check and ensuring remunerative prices to all farmers.
Ideas for stimulating growth need to go beyond increasing government expenditure.
Affordable housing can be created by increased funding via the promotion of public-private partnership.
"The slowdown in global trade is of serious concern to all of us as it adversely affects economic growth, development and job creation," Goyal said.
Agricultural market reforms have been stuck in the middle for 15 years as it is a state subject.
Resolution inevitably requires large haircuts and bankers, especially in the public sector, are often not willing to take such decisions.
The success of the scheme depends on the total amount disbursed by the Government over the life of the scheme.
"So far, the collection target has been ambitious. We need to set more realistic targets," a senior Finance Ministry official said.
Given the trajectory of growth and inflation, there still is room for another 25 bps cut over the next two meetings.
One of the biggest reasons why the monetary policy is not having and is unlikely to have the desired effect is the state of government finances.
Stanford Masters talks to Moneycontrol's research head Madhuchanda Dey about the RBI policy meet.
With inflation likely to undershoot the 4 percent target for the third consecutive year in FY20, monetary policy has unambiguous room to start reinvigorating growth.
A revival on the back of excessive policy accommodation may not be sustainable and end up being inflationary.
There is also a plan to launch to a pension scheme for all small and marginal farmers, and interest free short term kisan credit card loans up to Rs 1 lakh.
The Council may also consider changes in GST law, extension for the National Anti-profiteering Authority (NAA) and rate rationalisation.
The BJP has been voted back to power at a time when the overall economic growth is slowing with no visible sign of a cyclical recovery.
Decisions about changes in GST are taken by the GST Council that is headed by the federal finance minister and state finances ministers as its members
NITI Aayog brought the curtains down on a 64-year-old institution founded on the former Soviet Union's command-style development model.
The "Make in India" campaign was as much an invitation to domestic and foreign companies as a promise to rectify everything that has kept the country at the bottom rungs of the World Bank’s ‘ease of doing business’ index
The apex direct tax body has invited inputs from stakeholders and the general public on the draft notification.
Resolution of the current trade disputes may not be enough to change the trend in global trade.