NITI Aayog releases strategy document to make India a USD 4 trillion economy by 2022-23

The NITI Aayog has unveiled a strategy document called the “Strategy for New India@75” suggesting various reforms to make India a 4-trillion dollar economy by 2022-23. The strategy plan talks about various several economic reforms that should be taken in order to accelerate India’s economy to reach the 4 trillion USD mark. The main idea is to go for such reforms in the economy that will keep India growing at 8% annually that could be quicken to 9-10% by 2022-23 but ensuring that such growth of an economy is clean, inclusive, formalised and sustainable.

Key Highlights:-

1. Airports and the key railway assets such as freight terminals, engines, the rolling stock should be privatised as per the strategy.
2. Major infrastructure projects such as Bharatmala Pariyojana and roads-construction in the north-eastern region should be completed.
3. Using idle land for productive use that is available with government companies.
4. FDI limits should be liberalised across all industries and foreign investments in government securities should be encouraged. Easing up of rupee bond limits is another suggestion in the document.
5. The document suggests increasing the share of taxes in the national income from the current 17% to 22%.
6. The report calls for the inclusion of fuel and electricity within the ambit of goods and services tax (GST).
7. All of the 250,000-gram panchayats should be digitally connected by 2019 through the Bharat Net programme. The government services should be delivered digitally to all the gram panchayats by 2022-23.
8. The central and state government should work on improving the business environment and relaxing of land and labour rules.
9. There is a need to revamp the existing Mineral exploration policy. The document also calls for the need of a regulator in the Mineral Exploration sector.
10. Goods and services exports have to be doubled from $478 billion in FY18 to $800 billion by FY23.

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