New Delhi: The PM plans to unveil a vision document in December outlining India’s medium-term development goals and milestones. Accordingly, extensive work is under way to analyze the development trajectory of key sectors and growth bottlenecks. The plan is to consequently formulate a collaborative approach with states’ involvement in the spirit of “Team India”. The NITI Aayog is working as the nodal agency for putting together the blueprint, assisted by a high-level committee of secretaries.
The focus of this vision document will be on achieving developed country status by 2047, emphasizing inclusive and environment-friendly growth, sunrise industries and sustained infrastructure building. Nevertheless, there will be special attention on the rural economy and farmer incomes.
The vision document is also expected to achieve improved governance and service delivery for citizens. Economic development and human development will remain key pillars of the blueprint. Empowerment of women and increasing female participation in work will also get special attention, as would the MSMEs.
The proposed blueprint comes as India’s efforts to speed up economic growth by capturing a greater share of global production and trade are facing multiple challenges, including tight global financial conditions and geopolitical uncertainties. These are leading to a contraction in global demand and volatility in global energy and fertilizer prices and exchange rates.
On the domestic front, while the government’s increased spending is helping boost economic activities, rural consumption needs to catch up. Policy makers are pinning hopes on a revival in private investments, indicated by higher production and import of capital goods and aided by cleaner balance sheets of corporations and banks.
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