Niti Aayog aims to link policies, spending to long-term goals

By: |
Published: November 5, 2019 3:43:35 AM

The government think-tank came out with a three-year action agenda covering the period from FY18 to FY20 and a five year action strategy (FY19-FY23) to steer economic growth to an average 8%.

niti aayog, pmoThe document, which will have 24 chapters, will be prepared by March-April 2020.

After a three-year action agenda and five-year strategy paper, the NITI Aayog is now preparing a 15-year Vision Document (FY21-FY35) to link the government policies and expenditure to the long-term economic, social and sustainable development goals. “The Vision Document will give a perspective about the size of India’s GDP by 2047, the 100th year of independence. In this context, the document will underline various economic and social goals to be achieved by FY35,” an official told FE.

The document, which will have 24 chapters, will be prepared by March-April 2020. The themes to be covered under the document include growth, investment and employment; infrastructure and transport; industry; water and land resources; data and public policy; ease of living; banking and finance; communication and digital technology; energy and education.

In May 2016, the PMO had advised the Aayog to prepare a 15- Year Vision, 7-Year Strategy and 3-Year Action Agenda to replace the outdated 5-Year Plans under the erstwhile Planning Commission. The government think-tank came out with a three-year action agenda covering the period from FY18 to FY20 and a five year action strategy (FY19-FY23) to steer economic growth to an average 8%.

Under the five-year strategy, it proposed that the Centre should take steps to raise investment rates to 36% of GDP, raise tax-GDP ratio to 22% of GDP and work with state governments to improve ease of business and rationalise land and labour regulations. It also suggested that the Centre fully codify labour laws; enhance female labour force participation to 30% from 24% now, enhance skills & significantly increase number of apprenticeships.

Do you know What is Receipt Budget, Securities Transaction Tax, Revenue Deficit, Centrally Sponsored Scheme, Non Tax Revenue? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Next Stories
1Sabka Vishwas Scheme: Modi govt pushes legacy dispute resolution scheme as deadline comes close
2India decides not to join RCEP; says, this free trade agreement doesn’t address concerns
3RCEP deal: Chemical industry warns against misuse of ‘rules of origin’