- More people would pay taxes if spent well: PM in meeting at NITI Aayog
- Economists urge for lowering tax rates, discuss next year's Budget
- Advancing Budget date will help real economy, says PM
Mr Panagariya said there were "many suggestions from experts on lowering the tax rates" while discussing suggestions for next year's Union Budget.
In comments that came just over a month before the Union Budget, Finance Minister Arun Jaitley on Monday had also said that the country needs to have a lower tax regime to be globally competitive.
The presentation of the Budget for 2017-18 has been advanced to February 1 this time.
Explaining the rationale for advancing the Budget by almost a month, PM Modi said it will help the real economy.
"The date of Budget presentation is being advanced, so that expenditure is authorised by the time the new financial year begins," the Prime Minister said.
During the two-hour meeting, the Prime Minister called for innovative approaches in skill development and tourism and also stressed the need for greater cooperation among different branches of the government.
Responding to the PM's call for suggestions for the Budget, attending economists gave their suggestions in the sectors of agriculture, skill development and job creation, taxation, education, digital technology, housing, tourism, banking, governance reform, data analysis for growth.