India’s economy will increase threefold over the next 13 years, with the Niti Aayog projecting it to be around $7.25 trillion or Rs.469 lakh crore by 2030. Arvind Panagariya, vice chairman of the Niti Aayog stated this in a presentation attended by 28 state CMs and headed by PM Narendra Modi.
India’s GDP for the FY 2015-16 was $2.11 trillion, with Panagariya expecting it to grow at 8 per cent per year for the next 15 years.
The presentation also stated that the per capita GDP will grow by Rs.2 lakh in 2031-32, up from Rs.1.06 lakh presently. The target for 2031-32 is Rs.3.14 lakh.
The Niti Aayog also introduced the National Development Agenda, a plan with a 15-year vision to achieve objectives of the government while ensuring that the government follows best policies for growth. The 15-year vision is for the period 2017-18 to 2031-32, with a 5-year strategy and a 3-year action plan incorporated in it.
The action plan is expected to be complete by 2019, while the 5-year plan aims to implement these policies by 2023-24.
The Niti Aayog identified 300 action points to help improve the economy of India. Agriculture continues to be a key area for the government, with the plan emphasising fair treatment to farmers.
Moving towards a cashless economy was also on the agenda, with digitization receiving a big impetus.
With the government rolling out the Goods and Services Tax in July, the Centre and states discussed multiple aspects regarding it as well, as stated by Panagariya.
Another key issue which could play a key role in the future of our economy was the suggestion of Prime Minister Narendra Modi to change the fiscal year from April to March to January-December. The Indian government has been following the April-March fiscal year since 1867, on the lines of the British government.
A move to a new fiscal calendar would help it align itself with global practices.
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