The NITI Aayog has unveiled an ambitious document titled ‘Strategy for New India @ 75’. Intended to replace the now-defunct five-year plans, the document has a clear objective of propelling the nation’s economic growth to about 9-10% and turning India into a $4-trillion economy by 2022-23. Comprising 41 key areas, this blueprint has been compiled after extensive consultations with more than 800 government stakeholders.
Key Sectors and Sunrise Industries
The strategy document is organized into four sections: Drivers, Infrastructure, Inclusion, and Governance. The ‘Drivers’ section focuses on growth and employment, doubling farmers’ income, advancing the science, technology, and innovation ecosystem, and promoting sunrise sectors like fintech and tourism. Sunrice sectors are emerging industries with high growth potential and are characterized by an increased number of startups and investment, especially from venture capital funding.
In the economy, the aim is to increase GDP growth to close to USD 4 trillion by 2022-23, up from the present USD 2.7 trillion. Some key recommendations include rationalization of direct taxes, increasing the tax-GDP ratio to 22%, and enhancing the investment rate in housing & infrastructure.
| Sector | Objective |
|---|---|
| Economy | Achieve USD 4 trillion GDP by 2022-23, Increase tax-GDP ratio to 22%. |
| Agriculture | Convert farmers to ‘agripreneurs’, Replace Agricultural Produce Marketing Committee Act with Agricultural Produce and Livestock Marketing Act. |
| Employment | Enhance female labor force participation, Codification of labor laws. |
| Minerals | Revamp minerals exploration and licensing policy |
Infrastructure
The ‘Infrastructure’ section underlines the physical foundations necessary for sustained growth. Recommendations include the establishment of a Rail Development Authority (RDA), boosting coastal shipping and inland waterways, and promoting multi-modal and digitized mobility. A significant push is advised for private investment in infrastructure under a renewed public-private partnership model.
Inclusion
The ‘Inclusion’ section stresses investing in the capabilities of all of India’s citizens, with health, education, and social inclusion being the major themes. Some key proposals include implementing the Ayushman Bharat program, upgrading school education and skill development, and affordable housing to improve living conditions.
Governance
The ‘Governance’ section discusses improving governance structures and processes to achieve better developmental outcomes. Significant recommendations include implementing the Second Administrative Reforms Commission’s suggestions, setting up an autonomous Arbitration Council of India to make arbitration cost-effective, and expanding the scope of Swachh Bharat Mission to cover waste management issues. The document signifies India’s commitment to its 2022-23 targets and presents a comprehensive roadmap to becoming a $4-trillion economy.
