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Niti Aayog Objectives for India 2022- 2023

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Niti Aayog Objectives for India 2022- 2023

shape Introduction

The Government of India has replaced Planning Commission with a new institution named NITI Aayog (National Institution for Transforming India). The primary aim of NITI Aayog is to achieve Sustainable Development Goals. The institutional framework of government has incredibly developed and evolved over the years. The evolvement of the framework has allowed the development of domain expertise paving a path to increase the specificity of functions given to institutions. NITI Aayog provides the Governments at the central and state levels with relevant strategic and technical advice across the spectrum of key elements of the policy. The article NITI Aayog Objectives for India 2022-2023 presents the plan for India in different sectors.

  • Steadily accelerate the gross domestic product (GDP) growth rate to achieve a target of about 8 percent during 2018-23 (note that this target has been set to catalyze policy action and does not represent a forecast). This will raise the economy’s size in real terms from USD 2.7 trillion in 2017-18 to nearly USD 4 trillion by 2022-23. Besides having rapid growth, which reaches 9-10 percent by 2022-23, it is also necessary to ensure that growth is inclusive, sustained, clean and formalized.

  • The investment rate should be raised from 29 percent to 36 percent of GDP which has been achieved in the past, by 2022-23.

  • Exports of goods and services combined should be increased from USD 478 billion in 2017-18 to USD 800 billion by 2022-23

  • Complete codification of central labour laws into four codes by 2019.

  • Increase female labor force participation to at least 30 percent by 2022-23.

  • Disseminate publicly available data, collected through rigorous household and enterprise surveys and innovative use of administrative data on a quarterly basis by 2022-23.

  • Encourage increased formalization of the labor force by reforming labor laws, easing of industrial relations and ensuring of fair wages, working conditions, and social security through significant productivity improvements in the economy.

  • India should be among the top 50 countries in tthe Global Innovation Index by 2022-23.1

  • Five of our scientific research institutions should be amongst the top 100 in the world.

  • India should aim to spend at least 2 percent of gross domestic product (GDP) on R&D with equal contributions from the public and private sector.

  • Double the current growth rate of the manufacturing sector by 2022.

  • Promote in a planned manner the adoption of the latest technology advancements, referred to as ‘Industry 4.0’, that will have a defining role in shaping the manufacturing sector in 2022.

Doubling Farmer’s Income (I): Modernizing Agriculure

  • Modernize agricultural technology, increase productivity, efficiency and crop diversification.

  • Generate income and employment through a paradigm shift that ensures food security while maximizing value addition in agriculture.

Doubling Farmer’s Income (II): Policy & Governance

  • Create a policy environment that enables income security for farmers, whilst maintaining india’s food security.

  • Encourage the participation of the private sector in agricultural development to transition from agriculture to robust agri-business systems.

  • Promote through government policies the emergence of ‘agripreneurs’ so that even small and marginal farmers can capture a higher share of value added from ‘farm gate to fork’.

Other Suggestions:

  • Be flexible in setting annual fiscal deficit targets based on prevailing economic conditions.

  • Reduse imports of oil and gas by 10%.

  • Achieve 100% electrification of broad gauge railway tracks by 2022-23 (40% in FY17).

  • Replace the minimum support prices for crops by minimum reserve prices.

New Five Year Strategy

  • Source: The Financial Express, December 2018.