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

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…

New money laundering norms stump jewellery sector

New money laundering norms stump jewellery sector Dealers with turnover of Rs 2 crore and above covered; industry says threshold too low The central government has notified the money laundering rules for the gems and jewellery sector with immediate effect. Now, any entity deals in precious metals, precious stones, or other high-value goods and has a turnover of Rs 2 crore or more in a financial year will be covered under the Prevention of Money Laundering Act, 2002 (PMLA, 2002). The limit of Rs 2 crore would be calculated on the basis of the previous year’s turnover, said the notification. The directorate general of goods and service tax intelligence has been appointed under the Act. Sources said the government’s move to apply the PMLA to the jewellery sector was a fallout of income-tax raids on jewellers soon after demonetisation last November, when it was found that they sold gold and jewellery at a huge premium and accepted old currency notes as payment. The notification, issued on Augus…

Confusion over branded food GST

Confusion over branded food GST The GST Council's statement over the weekend on applying tax on branded food items has left most of the trade confused.

Even though the Council has not changed the rates on food -0 per cent on unbranded stuff and 5 per cent on brands -many small traders who didn't levy GST earlier said they could come under the 5 per cent slab after the clarification.

While they predicted some increase in consumer prices, large players said they can absorb GST in many ways and keep prices steady.

"Trade is confused and hence on behalf of our chamber, we have asked our members to go ahead and charge 5 per cent GST," said Sushil Sureka, general secretary of the Ahilya Chamber of Commerce and Industry in Indore.

The statement clarifying the application of GST came after some businesses were found deregistering their brands and selling under corporate brand name without paying tax, after the Council exempted unbranded food from the new all-encompassing indirec…