NITI Ayog eyes 8% GDP growth with 5 trillion economy
NITI Aayog has unveiled a strategy to accelerate economic growth to 8% and propel the country to a $5-trillion economy by 2030. On this score, the Centre is taking steps to raise investment rate to 36% of the GDP and tax-GDP ratio to 22% by 2022-23, and work with state governments to improve ease of doing business and rationalize land and labour regulations. The Finance Minister said that the government has envisaged economic growth to average at about 8% during 2018-23. This growth will raise the economy's size in real terms from $2.7 trillion in FY18 to nearly $4 trillion by FY23. To catalyse policy action to achieve 9% economic growth by FY23, the Centre should fully codify central labour laws, enhance female labour force participation to 30% from the current 24%, upgrade skills, and increase the number of apprenticeships.
📅Published on:
20 December 2018
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