Skip to main content

Niti Governing Council to Discuss ‘New India 2022’

 Niti Governing Council to Discuss ‘New India 2022’
NITI Aayog, the government’s premier think tank, plans to hold the fourth meeting of its governing council next month to discuss the agenda for ‘New India 2022’ to expedite economic growth over the next four years. Prime Minister Narendra Modi, the chairman of the Aayog, is likely to chair the meeting, which is expected to be attended by key Union ministers and senior bureaucrats, people aware of the matter said.
The Aayog has been working on the strategy document or development agenda for ‘New India 2022’ for a while. Earlier, it had planned to come out with three documents – a three-year action agenda, seven-year mediumterm strategy paper and a 15-year vision document.In a presentation last year, it had said that the foundation for freedom from six problems — poverty, dirt, corruption, terrorism, casteism and communalism — would be laid by 2022, when India celebrates 75 years of independence Chief ministers of all states and lieutenant governors of union territories are expected to attend the meeting, which gains significance as this will be the last large meeting of the Centre with the states before the general election next year.
Since the BJP-led National Democratic Alliance is in power in a majority of states, the Aayog is hopeful that its development vision will be accepted without many objections from states, the people cited earlier said. NITI Aayog vice chairman Rajiv Kumar is likely to make a detailed presentation on the roadmap for rapid development of Indian economy.The meeting is likely to highlight to all states the key flagship programmes of the government and their impact on socio-economic development of the country.
The World Bank had in a recent report said India needed a decisive structural reform momentum that succeeded in stimulating investment and export growth while maintaining macroeconomic stability to sustain an 8% GDP growth rate. “Sustaining a growth rate higher than 7.5%, and reaching an aspirational growth rate of 8% or higher will require contributions from all domestic sectors and support from the global economy,” the report said. “Maintaining the hard-won macroeconomic stability, a definite and durable solution to the banking sector issues, realization of the expected growth and fiscal dividend from the GST, and regaining the momentum on an unfinished structural reform agenda are key components of this.”
The Economic Times, New Delhi, 16th May 2018

Comments

Popular posts from this blog

RBI minutes show MPC members flagged upside risks to inflation

RBI minutes show MPC members flagged upside risks to inflation Concerns about economic growth and easing inflation prompted five of the six monetary policy committee (MPC) members to call for a cut in the repo rate, but most warned that prices could start accelerating, show the minutes of the panel’s last meeting, released on Wednesday. The comments reflected a tone of caution and flagged upside risks to inflation from farm loan waivers, rise in food prices, especially vegetables, price revisions withheld ahead of the goods and services tax, implementation of house rent allowance under the 7th pay commission and fading of favourable base effect, among others. On 2 August, the panel chose to cut the repurchase rate—the rate at which the central bank infuses liquidity in the banking system—by 25 basis points to 6%. One basis point is one-hundredth of a percentage point. Pami Dua, professor at the Delhi School of Economics, wrote that her analysis showed “a fading economic growth outlook, as …

Shrinking footprints of foreign banks in India

Shrinking footprints of foreign banks in India Foreign banks are increasingly shrinking their presence in India and are also becoming more conservative than private and public sector counterparts. While many of them have sold some of their businesses in India as part of their global strategy, some are trying to keep their core expertise intact. Others are branching out to newer areas to continue business momentum.For example, HSBC and Barclays Bank in India have got out of the retail business, whereas corporate-focused Standard Chartered Bank is now trying to increase its focus on retail “Building a retail franchise is a huge exercise and takes a long time. You cannot afford to lose it,” said Shashank Joshi, Bank of Tokyo-Mitsubishi UFJ’s India head.According to the Reserve Bank of India (RBI) data, foreign banks’ combined loan book shrunk nearly 10 per cent from Rs 3.78 trillion in fiscal 2015-16 to Rs 3.42 trillion last financial year. The banking industry, which includes foreign banks…

Differential Tax Levy under GST: Food Firms May De-Register Trademarks

Differential Tax Levy under GST:Food Firms May De-Register Trademarks The government’s decision to charge an enhanced tax rate on trademark food brands is leading several rice, wheat and cereal manufacturers to consider de-registering their product trademarks. Irked by the June 28 central government notification fixing a 5 per cent goods and services tax (GST) rate on food items packaged in unit containers and bearing registered brand names, the industry has made several representations to the government to reconsider the differential tax levy, which these players say is creating an unlevel playing field within these highly-competitive and low-margin industries. Sources say that the move has affected the packaged rice industry the hardest and allowed the un-registered market leaders, India Gate and Daawat, to gain advantage as compared to other registered brands such as Kohinoor and Lal Qilla. Smaller players are even more worried with this enhanced rate of tax (against the otherwise …