Indian Government lays down guidelines for growth
What's the story
Top-level bureaucrats of the country drafted a plan and set high targets to be achieved by the year 2032. With the 'Garibi Hatao' and 'Jai Kisan' movements having received newfound importance, India aims to be poverty-free by 2032. The rate of growth of India in the coming years is set to be expedited to 10% from the current 7.4%
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PM Modi's target
Last year, in an ET Global Summit, Prime Minister Narendra Modi announced that his dream was to make India a $20 trillion economy.
22 Apr 2016
India will be a $10 trillion economy by 2032
Amitabh Kant, CEO of Niti Aayog, gave a presentation to Mr. Modi stating that India can be a $10 trillion economy by the year 2032. In his presentation, Mr Kant mentioned that the growth rate of the country will need to be accelerated for the same. According to him, achieving a growth rate of 10% year-on-year is the biggest challenge our country faces.
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Compunding Effect
Amitabh Kant said, "If we achieve a $10 trillion economy target by 2032 by a 10% growth rate year-on-year, the compounding effect would be such that ours could be a $20 trillion economy in the next 6-7 years after 2032."
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Focus
Priority will be given to boosting manufacturing services, supporting agriculture, offering easy access to education for SC/ STs and tribals ,and creating a world-class infrastructure.
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Government's plans for the near future
According to a detailed note from the Prime Minister's Office, bank accounts for all Below Poverty Line persons are expected to open by 2017. Gram Panchayats will provide Financial Services through Post Offices by 2019. 100 start-up villages are expected to be created across the country by the year 2017. New jobs created in the country will contribute 25% to India's GDP by 2022.
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Procedural Roadblocks
These plans are viewed with apprehension as multiple schemes launched with enthusiasm earlier have been delayed or not fully implemented. Estimates generated by the C Rangarajan Expert Group placed 29.5% Indians (363 million people) in the Below Poverty Line in the year 2011-12.