PM's economic package gets fine tuned for announcement on Monday?

 The government's measures for reviving some key sectors could be the focus of Prime Minister Narendra Modi's address to a special BJP conclave on Monday, party officials said.

Wrapped in a special package to mark the birth centenary of Sangh Parivar icon Deendayal Upadhyaya, the PM's announcement could seek to address the concern in many quarters since the growth was shown at a three-year low of 5.7 per cent in the first quarter of 2017-18, they said. In fact, both Modi and Finance Minister Arun Jaitley have held a number of brainstorming sessions with experts and officials from different ministries last week, BJP leaders said.

 Three days ago, Jaitley had said the steps to lift the slowing economy will be taken after these are endorsed by Modi. “We have taken note of all the economic indicators available. The government will take any additional moves which are necessary.” 

With experts including former RBI governor C Rangarajan saying that any stimulus package being contemplated should focus on raising capital expenditure to catalyse private investment, Modi might announce a package for power, housing and social welfare programmes to generate jobs and perk up demand, BJP leaders said. 

Giving an indication, Power Minister R K Singh has said the PM would announce a big scheme for providing power to cover all rural families by 2019 after expected electrification of all villages by December.

There has been disquiet within the ruling party over the performance of the economy. Voicing fear that the economy was in a tailspin and headed for a “major depression,” BJP leader Subramanian Swamy has said he had written a 16-page letter to Modi, giving some suggestions. Even, RSS ideologue S Gurumurthy, who had supported demonetization said that “I have a feeling we are hitting the bottom now. There is no way this situation can continue. I have faith that given the right policy input, the economy will pick up immediately.”

Gurumurthy blamed the situation to "too many disruptions, too soon. This is one of the things which a government in urgency is doing. Demonetisation, NPA rules, bankruptcy law, GST, thrust against black money — everything at one stretch; commerce cannot absorb all this.”

Ahead of the BJP conclave which will see more 2,000 leaders including MPs and MLAs in attendance, Modi on Saturday said the BJP's work and “priorities are not decided by votes” but keeping in mind the interest and development of the nation.