The think tank has unveiled a strategy document that targets a growth rate of 8-9% to make India a US$ 5 trillion economy by 2030.
In the interim, the strategy document has set a GDP growth target of 8% to take India to US$ 4 trillion by 2022, When India completes its 75th year of independence. NITI Aayog also plans to bring out a 15-year vision document, Subsequently before the General Elections next year.
Among the measures, NITI Aayog proposes increase in investment rate to 36% of GDP from 29% at present. Per capita income is also expected to increase from US$ 1,900 currently to US$ 3,000 in 2022-23. The think tank has defined 41 major result areas which are further divided into four categories – drivers, infrastructure, inclusion and governance.
The document was unveiled by the Finance Minister Mr Arun Jaitley, who said that reforms and entrepreneurship will have to be accompanied by social consciousness. He added that the model being presented
By NITI Aayog stresses on faster growth and better resource utilisation to improve quality of life for all. During his address, He further quoted, “Sound policy will always put the economy on track in which it will get perpetually people out of poverty and give them better quality of life.”
The document also emphasises on empowerment of women, transformation of rural economy, Income security for farmers and modernisation of agricultural technology for doubling farmers income.
NITI Aayog Vice Chairman Rajiv Kumar notably said, In the midst of the farm loan waiver debate across the country, That the measure is not a solution to the sector’s problems,
But just a palliative that may be leveraged by state governments in case of acute farmer distress. He stressed on the importance of agri-preneurs to address farmer woes in the long term, Which implies greater participation of farmers in agro-processing.
On the issue of jobs, Kumar opined that higher economic growth will automatically lead to job creation, and added, “We need to focus on pushing employment-intensive sectors, besides focusing our efforts toward intra-industry trading. India’s services sector is also expected to emerge as a great employment generator and hence we need to focus on strengthening our services sector as well.”