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Updated on: Wednesday, May 29, 2019, 03:59 AM IST

Niti Ayog draws roadmap to make India 5-trillion economy by 2030

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New Delhi: Niti Aayog on Wednesday unveiled its much awaited ‘Strategy for New India @ 75’ document with an aim to accelerate growth to 8-9 per cent and make the country a $5-trillion economy by 2030. Laying down a multi-pronged strategy to promote the country’s overall development, the document said the annual growth rate of 9 per cent by 2022-23 would be essential for generating sufficient growth and achieving prosperity for all. Independent India will turn 75 on August 15, 2022.

Unveiling the much-awaited document, Finance Minister Arun Jaitley said, “Sound policy will always put economy on track in which it will get perpetually people out of poverty and give them better quality of life.” The development strategy includes doubling of farmers’ income, boosting ‘Make in India’, upgrading the science, technology and innovation ecosystem, and promoting sunrise sectors like fin tech and tourism.

“Steadily accelerate the gross domestic product (GDP) growth rate to achieve a target of about 8 per cent during 2018-23. This will raise the economy’s size in real terms from $2.7 trillion in 2017-18 to nearly $4 trillion by 2022-23. “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 formalised,” the document said.

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The Indian economy grew at 6.7 per cent in 2017-18. It also called for increasing the investment rate as measured by gross fixed capital formation (GFCF) from present 29 per cent to 36 per cent of GDP by 2022. Noting that the country is now within sight of completing its economic transition as well, the document 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 Act with the Agricultural Produce and Livestock Marketing Act. “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 noted.

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Published on: Thursday, December 20, 2018, 06:19 AM IST
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