NITI Aayog releases Strategy Document to make India $5-trillion economy by 2030

The Document unveils strategy to accelerate growth
in Social, Economical and Administrative sectors

•  Niti Aayog, the think tank of Government has unveiled a comprehensive document of strategies to make India $5 trillion economy with an accelerated growth of 8% by 2023.
•  The „Strategy for New India @ 75‟ document, prepared after extensive consultations with over 800 stakeholders from within the government sector – central, state and district levels.
• The strategy document is to further improve the policy environment in which private investors and other stakeholders can contribute their fullest towards achieving the goals set out for New India 2022. The Strategy Document advocates empowering and encouraging women to participate across all sectors of the economy, to build a strong and inclusive New India.

An Overview of NITI Aayog’s Strategy Document

Annual Growth-An annual rate of growth of 9% by 2022-23 is essential for generating sufficient jobs and achieving prosperity for all.

Size of Economy –This will raise the economy‟s size in real terms from $2.7 trillion in 2017-18 to nearly $5 trillion by 2022-23.

GDP growth rate raise- To raise the rate of investment (gross fixed capital formation as a share of GDP) from about 29% in 2017-18 to about 36% of GDP by 2022-23, a slew of measures will be required to boost both private and public investment.

Housing and Infrastructure- NITI Aayog targets besides having rapid growth, which reaches 9-10 per cent by 2022-23, it is also necessary to ensure that growth is inclusive, sustained, clean and formalized.

Divestments- The document also prescribes that the government should continue to exit public sector undertakings that are not strategic in nature. “Inefficient CPSEs surviving on government support distort entire sectors as they operate without any real budget constraints.

Exports and Manufacturing-An effort to make logistics sector more efficient, rationalization of power tariffs to ensure global competitiveness of Indian industries.

One nation one card- One-nation-one-card policy for public transport that will bring seamless connectivity between various modes of transport.

Reduce Upper age for Civil Services- It has prescribed reducing upper age to join civil service to 27 year from the present age limit 30 years by 2022-23. It has also prescribed one integrated civil services exam for all the civil services.

Backlog cases in courts- Address backlog of pending cases and shift part of workload out of regular court system. This will enhance the speed of judicial cases.

Agriculture- The government should shift the emphasis on converting farmers to “agripreneurs” by further expanding e-National Agriculture Markets and replacing the Agricultural Produce Marketing Committee Act with the Agricultural Produce and Livestock Marketing Act.

Explore in India- Launch a mission “Explore in India” by revamping minerals exploration and licensing policy.

Railways- Expedite establishment of the Rail Development Authority, which is already approved. RDA will advise or make informed decisions on an integrated, transparent and dynamic pricing mechanism for the railways.

Employment generation- Complete codification of labor laws and a massive effort must be made to upscale and expand apprenticeships.