The acceleration in economic growth, it has said, must be inclusive, sustained, ‘clean’ and formalised
Latest News: The Niti Aayog has said average annual growth of 8 per cent during 2018-19 to 2022-23, with the concluding year yielding 9-10 per cent expansion, is needed to generate sufficient jobs and make India a $4-trillion (Rs 285 trillion) economy.
In a document titled ‘Strategy for New India @75′, it suggested this growth rate be achieved through increasing the investment rate, improving the ratio of taxes to Gross Domestic Product (GDP), raising export, continued exit of the government from non-strategic public sector units and further liberalising the Foreign Direct Investment regime.
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The acceleration in economic growth, it has said, must be inclusive, sustained, ‘clean’ and formalised. The investment rate should be raised from the present 29 per cent of GDP to 36 per cent by 2022-23, of which half must come from public investment. Government contribution to capital expenditure should be raised to 7 per cent by 2022-23, from 4 per cent at present
“The strategic document will be followed by a vision document, which will spell out the 15-year growth trajectory India needs to follow. The main focus of both documents is to ensure as to how reforms and the best of government initiatives reach the bottom of the pyramid,” said NITI Aayog Vice Chairman Rajiv Kumar on Wednesday…Read here NITI Aayog
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