NITI unveils 'Strategy for New India @75' to make India $4-trillion economy

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

What dual power play? I quit because Columbia wanted me: Arvind Panagariya

Arvind Panagariya abruptly resigned as vice-chairman of NITI Aayog to resume teaching in the US

Arvind Panagariya, who abruptly resigned as vice-chairman of NITI Aayog to resume teaching in the US, today said he did not know at the time of joining that his term will be co-terminus with that of the government even as he dismissed suggestions of two power centres forcing his exit.

In an interview with PTI, Panagariya, 64, cited several examples of how western universities are very stringent about not extending leaves, which is what forced him to return to Columbia University at the end of the month even though the Prime Minister's Office wanted him to continue till 2019.

Asked if knew of such rules why did he not make it clear to the government about his return to teaching when he was appointed the first vice chief of the policy body in 2015, he said he was not told that his term would run concurrently with the term of Prime Minister Narendra Modi.

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"I did not know my tenure will be co-terminus with the government, how would I know? Is there a letter?" he said, adding he accepted the appointment after a phone call came from the Prime Minister's Office.

On the phone, he said he was told he will be vice-chairman and "beyond that I knew nothing. I said OK. I want to do this so I accepted."

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Panagariya, who took over the reins of a body that was set up after dismantling the Planning Commission that used to set five-year growth roadmaps, dismissed reports of any differences or dual power centres in NITI Aayog were reasons for his exit.

"No, no, no," he said, when asked if the numerous occasions NITI Aayog had the difference of opinions with other wings of the government was the reason for his exit.

He also dismissed the existence of dual power centres in NITI Aayog saying, "You go and talk to my staff." "You have to ask those who are writing those reports ...(READ MORE)

Arvind Panagariya quits NITI Aayog: Meet the advocate of growth-boosting policies

Rajasthan University product, presently Columbia Univ professor, considered an advocate of growth-boosting and market-oriented policies

Renowned Columbia University professor Arvind Panagariya will be the first vice-chairman of the newly created NITI Aayog (the prime minster will be chairman), at a time when the world is looking at India to shed years of slack economic growth.

His first big challenge will be to give a firm direction and focus to NITI Aayog, the first name being an acronym for National Institution for Transforming India. It is supposed to play a different role from the command-oriented Planning Commission of India.

A Business Standard columnist till now, Panagariya, in an article published in this newspaper on December 30, 2014, said the government’s real test would be in the next Budget document. And that without a clear road map of reforms in it, the dream of “good days” (acche din) might become history.  (economy news)

He’d also favoured a slight relaxation in the fiscal consolidation schedule when Finance Minister Arun Jaitley presented his maiden Budget six months earlier, to spur economic activities. A point also made in the Mid-Year Analysis for 2014-15, penned by Chief Economic Adviser Arvind Subramanian.

Panagariya, mentored by renowned trade economist Jagdish Bhagwati, was most recently credited as one of the brains behind labour law reforms in Rajasthan. He was vice-chairman of the Rajasthan chief minister's economic advisory council.

Born on September 30, 1952, he has been a supporter of the prime minister’s economic policies and openly spoken on the success of the latter's tenure as chief minister of Gujarat.... (READ MORE)