NITI Ayog all set with new year resolution towards pushing economic growth and reforms

 

 

New Delhi, December 31: The Governmental ‘Think Tank’ NITI Ayog have planned to kingpin over the steps required to push economic growth, promote e-mobility and ensure expeditious implementation of the Modi government's reform measures in the coming new year. In 2018, the NITI Ayog was criticised over the issue of revision of economic growth rates, reflecting the growth during the previous Congress-led UPA's regime was less than the current rule.

 

According to the Vice Chairman Rajiv Kumar, India grew at 6.7 per cent in 2018, will grow at around 7.8 per cent in the next calendar year and investment cycle that has already started picking up will gather further strength resulting in increased private investments.

 

"I also hope that liquidity crunch which has been effecting non-banking financial company (NBFC) sector would also be addressed and the credit allocation capacity of banks under the Prompt Corrective Action (PCA) would be enhanced. All of that will contribute to strengthening the investment cycle. various key reforms undertaken by the Modi government has laid foundation stone for high growth and the low inflation and the time is now to focus on their implementation." Kumar said further.

 

"I am certain that some more policy reforms may be announced in the sectors such as e-mobility or in reducing import-dependency in energy sector and development of the North East region. The first time you are getting 7.5 per cent growth, with hardly any inflation. That makes it a very strong macro fundamental. That is the basis for achieving 9 per cent growth by 2022-23", the Niti Aayog vice chairman added focussing on the country’s economic growth.

 

Economists including former chief economic advisor Arvind Subramanian had questioned the involvement of Niti Aayog in release of the GDP back series data and had also called for review by experts to clear doubts. "Niti Aayog's involvement was due to the consultation that was initiated by the Ministry of Statistics and Programme Implementation (MOSPI) on the back series GDP data for which the Aayog organised the workshop of leading statisticians of India to vet the figures in the methodology," Kumar asserted in relation.

 

The Aayog had earlier planned to come out with three documents namely 3-year action agenda, 7-year medium-term strategy paper and 15-year vision document. It also released its baseline ranking of 115 identified aspirational districts. During 2018, Niti Aayog finalised indices to measure incremental annual outcomes in critical social sectors like health, education, water and Sustainable Development Goals (SDG). Besides, it prepared a strategy document for India's 75th year of independence, presenting goals for 2022-23 and a way forward to achieve them.

 

It also worked extensively on shared, connected and clean mobility solutions for the country to be adopted readily in smart cities. It also released a National Strategy on Artificial Intelligence, detailing core strategies and recommendations on promoting the use of AI in key areas of governance.