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NITI Aayog releases strategy document to make India $4 trillion economy by 2023

20 Dec 2018 Evaluate

The government think tank Niti Aayog has released its much awaited 'Strategy for New India @75' document with an aim to steadily accelerate India's gross domestic product (GDP) growth to 8 percent and push economy's size in real terms from $2.7 trillion in 2017-18 to nearly $4 trillion by 2022-23. The document, prepared after extensive consultations with over 800 stakeholders from within the government – central, state and district levels, was released by Finance Minister Arun Jaitley. The development strategy includes doubling of farmers' income, boosting Make in India, upgrading the science, technology and innovation ecosystem, and promoting sunrise sectors like fintech and tourism.

Laying down a multi-pronged strategy to promote the country's overall development, the document said the annual growth rate of 9 percent by 2022-23 would be essential for generating sufficient growth and achieving prosperity for all. That apart, it is also necessary to ensure that growth is inclusive, sustained, clean and formalized. Besides, it called for increasing the investment rate as measured by gross fixed capital formation (GFCF) from present 29 percent to 36 percent of GDP by 2022. Noting that India is now within sight of completing its economic transition as well, it said India will see per capita incomes rising from about $1,900 in 2017-18 to around $3,000 in 2022-23.

According to the document, in agriculture, emphasis must shift to converting farmers to 'agripreneurs' by further expanding e-National Agriculture Markets (e-NAMs) and replacing the Agricultural Produce Marketing Committee (APMC) Act with the Agricultural Produce and Livestock Marketing (APLM) Act. It noted that the creation of a unified national market, a freer export regime and abolition of the Essential Commodities Act are essential for boosting agricultural growth. It also made a case for successfully implementing the Ayushman Bharat programme including the establishment of 150,000 health and wellness centres across the country, and rolling out the Pradhan Mantri Jan Arogya Abhiyaan.

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