"Today, in every part of our country, every citizen is a beneficiary of the welfare steps taken by the Government of India. As a welfare state, it is very important that we listen to every individual," he said.

The Department is also in the process of formulating an insurance scheme for all the retail traders. The accident insurance scheme would particularly help small traders of the country.

"The severe earthquake that rocked Turkey last month has impacted exports of apples from the country to India. The domestic demand is now being met by the apples produced in Himachal Pradesh and Jammu & Kashmir," said Tarun Arora, director of IG International, a fruit importing firm.

The RBI, also the banking sector regulator, is closely monitoring profitability and other financial performance measures of these conglomerates and their companies besides parameters such as the quantum of debt raised from other sources like external commercial borrowings or bonds for any signs of stress.

Reserve Bank of India’s project to shore up foreign currency reserves would be hampered by as foreign portfolio investors offload their investments in the Indian capital markets in the hunt of better returns from US bonds, pushing the central bank to sell dollars to ease currency volatility, said experts.

India saved over USD 27 billion in key central government schemes through direct benefit transfer as it is swift and eliminates corruption, Ajay Seth, Secretary of Department of Economic Affairs said. And since the transfers are all direct, end to end, and swift, there is little scope for corruption and leakages and removal of duplicate/ fake beneficiaries, the official said.

Central banks aren't giving up their inflation fight yet with the peak in interest rates still to come in most economies, but pauses will come at some point in 2023 and perhaps even pivots.

Top union ministers are also expected to attend the meeting to get a sense of necessary policy measures in their respective sectors to propel growth. Finance minister Nirmala Sitharaman will present the Union Budget 2023-24 in the Parliament on February 1.

The National Statistical Office has predicted that the economic growth of the country in 2022-23 will be seven per cent in real terms and 15.4 per cent in nominal ones, the economist said. Nageswaran also mentioned that the realistic medium-term growth is 6.5 per cent in contrast to eight or nine per cent, which was witnessed during the 2003-2008 period.