NITI Aayog as a think tank of India aims a jump in the position of India’s economy
NITI Aayog as a think tank of the Government of India, the premier think tank at that has issued a policy document which sets an aim of four trillion Dollars for the Indian economy to be achieved the year 2022-2023. To put that in perspective, the current economy of India stands at two point seven trillion Dollars making it the fifth largest economy.
The policy expects a growth rate of nine to ten per cent in the Indian economy with the objective being a steady acceleration of the gross domestic product of the country. The report is called ‘Strategy for New India @75’ as the nation will complete seventy-five years of independence in the year 2022. The reports envision India as only the fourth largest economy then following only United States America, China and Japan.
The report was released the finance minister of India, Arun Jaitley as he emphasised the commitment of the current government towards building a welfare state and free economy as in a statement he said, “Our emphasis on reforms, market reforms, allowing entrepreneurship to grow has to be accompanied with some social consciousness of the economic planners. That is why we want this model, where you allow India to grow, allow entrepreneurship, you allow the private sector to play a very important role…utilize increased resources of the states towards better infrastructure, township, healthcare facilities. Use large part of resource to use for the poor,”
What makes the policy document unique?
The report document that was released the NITI Aayog as a think tank has taken note of the progress made in several areas while criticising all the hurdles that hinder the growth of the nation as a whole. In a unique approach, the NITI Aayog as a think tank has divided the policy under four categories which are drivers, infrastructure, inclusion, and governance.
The policy documents underline steps needed to boost the private spending in the economy so as to increase the investment to GDP ratio from twenty-nine per cent to thirty-six per cent. This would be the ideal ratio for India.
NITI Aayog as a think tank also plans to take care of the public investments targeting a twenty-two per cent tax to GDP ratio. This ratio has, however, been steadily rising thanks to the measures taken the Modi government.
NITI Aayog has proven its efficiency as the premier think tank of the government with the release of this highly detailed and ambitious document that shows India a bright path ahead.
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