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Strategic document of Niti Aayog may bring prosperity in the country
In its strategic document, the Niti Aayog has set a target of achieving 8 per cent growth rate every year till 2022-23. The Aayog wants the Indian economy to touch $4 trillion and the government should try to aim for 9 per cent growth rate instead of 8 per cent.

Obviously, to achieve these goals, the government will have to work diligently, because the Modi government has estimated the country's economy to grow at a rate of 7.4 per cent in the current financial year, which is less than the target. However, the growth rate of 8 per cent had been achieved in FY16-17. Therefore, considering the economic reforms made in the past 4 years, the estimate of the Niti Aayog cannot be said to be over-exaggerated.

Prior to presenting strategic documents, the Niti Aayog had issued a three-year work plan for 2107-18 to 2019-20, but could not achieve the government's ambition goals. Therefore, instead of the five year plan, the Niti Aayog has presented a strategic document to realize the dream of "New India". Accordingly, the investment will be increased from existing 29 per cent of GDP to 36 per cent by 2022-23. The government will invest in infrastructure to implement this great work. To achieve this growth rate, the government has also targeted the export of goods and services from the current $478 billion to $800 billion. There is a proposal to encourage the farmers to make farming entrepreneurs, formulate a code of labour laws and promote the activities of providing assistance to promote the trade of businessmen and industrialist.

In the strategic document, the goal of keeping inflation in the range of 2 to 6 per cent has been set by 2022-23. In spite of inflation, developmental activities can be promoted in the country and the common man can be free from the clutches of inflation wave. In this order, proposal has been proposed to increase freight and establish Railway Development Authority.

The strategic document does not mention the farm debt waiver or direct benefit transfer for agricultural sector. The purpose of the government is to solve farmer's problem rather than waive farm debt. To double the income of farmers, the government will make every possible effort to achieve the growth rate of 10.4 percent in the agriculture sector from 2015-16 to 2022-23. The strategic document has been proposed to amend APMC laws, so that farmers can get fair value for their produce. The government wants to bring the concept of minimum reserve price in the country in place of minimum support price. This will enable the farmers to get the actual price of their produce. In the strategic document, there has been a change in the Prime Minister's Crop Insurance Scheme to convert it into a weather-based insurance plan. It will give reasonable compensation to the farmers if the crop is wasted. The government will also try to make transparent arrangements of the auction in various markets, so that the middlemen cannot exploit the farmers.

The government will try to reach all government services in the digital form at the level of the village panchayat. The Strategic Document envisages to successfully implementing the "Ayushman India" programme with 150,000 health and wellness centers. In the coming years, government will try to fulfill the dream of common man's house through subsidy for cheap accommodation in urban areas.

The government wants a vision letter to be issued after a strategic document. In this connection, for the next 15 years, the pace of India's growth momentum has been drawn. The strategic document states that according to global trend, when a worker's service is terminated, it should be arranged to pay compensation. The Government should include all types of employment by increasing the scope of the Minimum Wages Act, 1948. Workers should pay salaries through cheque or Aadhar. The first phase of Pradhan Mantri Gram Sadak Yojana should be completed as early as possible, so that the common man can get the benefit from it as soon as possible. In the strategic document, the target of doubling the length of national highways to 2 lakh km has been kept by 2022-23.

Economists say that it is possible to achieve an average annual growth rate of 8 percent by 2018-19-2022-23, but for this, the government will have to move towards the inclusive growth in the country. To increase the investment from 29 percent to 36 percent, the government will have to create a policy environment, as well as business and government both have to work positively in this regard.

According to finance minister Arun Jaitley, the goal of eradicating poverty by making strong economic and social policy can be fulfilled. According to him, the strong policy can bring the economy back on track. When people's economic condition improves, poverty will go away. Jaitley said that we have seen the positive results of our approach. According to the finance minister, the strategic document aims to increase the GDP growth rate to 8 percent. Also, its goal is to take the country towards the economics of $ 5 trillion by 2030.

According to the Niti Aayog, there is a need to overcome broadband connectivity, digital access and literacy problem and strengthen cyber security drafting in order to confirm digitization in the country. In the strategic document, the importance of digital infrastructure has been highlighted to overcome the inequality in the digital sector by 2022-23. In the strategic document, the expansion of the public transport fleet for the road sector, increasing the highway network and road capacity, improve the regulatory draft for better compliance, etc. have been suggested. Recommendations for promoting smart grid for power sector improvement, auction of electricity, privatization of power distribution companies, payment of subsidy through direct benefit transfer and installation of 100 per cent meter for power supply.

Clearly, there cannot bring changes in the country without dreaming. In the case, the strategic document can be called a common man's dream. The Modi government is dreaming to bring prosperity to the country. If the government systematically implements the suggested measures of the strategic document, surely the country will prosper soon.

About the author: Satish Singh is currently working as Chief Manager in State Bank of India's Economic Research Department, Corporate Centre, Mumbai, and has been writing mainly on financial and banking topics for the last 10 years.

Editorial NOTE: This article is categorized under Opinion Section. The views expressed in this article are solely those of the author and do not necessarily represent the views of In case you have a opposing view, please click here to share the same in the comments section.
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