{"id":2480,"date":"2018-12-22T11:23:51","date_gmt":"2018-12-22T05:53:51","guid":{"rendered":"https:\/\/triumphias.com\/blog\/?p=2480"},"modified":"2018-12-22T11:23:51","modified_gmt":"2018-12-22T05:53:51","slug":"9-growth-by-2022-must-to-generate-jobs-niti-aayog","status":"publish","type":"post","link":"https:\/\/triumphias.com\/blog\/9-growth-by-2022-must-to-generate-jobs-niti-aayog\/","title":{"rendered":"9% growth by 2022 must to generate jobs: NITI Aayog"},"content":{"rendered":"<h2>Relevant for Prelims and GS paper 3:-<\/h2>\n<ul>\n<li>A growth rate of 9% is essential to generate enough jobs and achieve universal prosperity, according to a vision document released by NITI Aayog on Wednesday.<\/li>\n<li>Towards this, the \u2018Strategy for New India @75\u2019 document recommends a number of steps, including increasing the investment rate, reforming agriculture, and codifying labour laws.<\/li>\n<li>\u201cAn annual rate of growth of 9% by 2022-23 is essential for generating sufficient jobs and achieving prosperity for all,\u201d the report, which was launched by Finance Minister Arun Jaitley, said in the introduction. Later in the report, NITI Aayog said the target should be 8% growth over the period 2018-23.<\/li>\n<li>\u201cThis will raise the economy\u2019s size in real terms from $2.7 trillion in 2017-18 to nearly $4 trillion by 2022-23,\u201d it said. \u201cBesides having rapid growth\u2026 it is also necessary to ensure that growth is inclusive, sustained, clean and formalised.\u201d<\/li>\n<li>On boosting economic growth, the document identified two key steps for increasing the country\u2019s investment rate and the tax-GDP ratio.<\/li>\n<li>\u201cTo raise the rate of investment (gross fixed capital formation as a share of GDP) from about 29% in 2017-18 to about 36% of GDP by 2022-23, a slew of measures will be required to boost both private and public investment,\u201d it said.<\/li>\n<li>\u201cIndia\u2019s tax-GDP ratio of around 17% is half the average of OECD countries (35%) and is low even when compared to other emerging economies like Brazil (34%), South Africa (27%) and China (22%).\u201d<\/li>\n<li>\u201cTo enhance public investment, India should aim to increase its tax-GDP ratio to at least 22% of GDP by 2022-23,\u201d the report added.<\/li>\n<li>While demonetisation and GST have and will continue to contribute positively, the document said efforts need to be made to rationalise direct taxes for both corporate tax and personal income tax.<\/li>\n<li>It further said that there was a need to ease the tax compliance burden and eliminate direct interface between taxpayers and tax officials using technology.<\/li>\n<li>\u201cIn agriculture, emphasis must shift to converting farmers to \u2018agripreneurs\u2019 by further expanding e-National Agriculture Markets (e-NAMs) and replacing the Agricultural Produce Marketing Committee (APMC) Act with the Agricultural Produce and Livestock Marketing (APLM) Act,\u201d the document said.<\/li>\n<li>\u201cThe creation of a unified national market, a freer export regime and abolition of the Essential Commodities Act are essential for boosting agricultural growth,\u201d it said.<\/li>\n<li>The document also called for a strong push towards \u2018Zero Budget Natural Farming\u2019 (ZBNF) techniques that reduce costs, improve land quality, and increase farmers\u2019 incomes.<\/li>\n<li>In the infrastructure section, it said the share of freight transported by coastal shipping and inland waterways will be doubled by 2022-23.<\/li>\n<li>\u201cInitially, viability gap funding will be provided until the infrastructure is fully developed,\u201d the document said. \u201cAn IT-enabled platform would be developed for integrating different modes of transport and promoting multi-modal and digitised mobility.\u201d In order to enhance rural connectivity and access to government programmes, it said that by the end of 2019 all 2.5 lakh gram panchayats will be \u201cdigitally connected\u201d under the Bharat Net programme.<\/li>\n<li>\u201cIn the next phase, the last mile connectivity to the individual villages will be completed,\u201d the document said. \u201cThe aim will be to deliver all government services at the State, district, and gram panchayat level digitally by 2022-23, thereby eliminating the digital divide.\u201d<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Relevant for Prelims and GS paper 3:- A growth rate of 9% is essential to generate enough jobs and achieve<\/p>\n","protected":false},"author":1,"featured_media":882,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[18],"tags":[817,392],"class_list":["post-2480","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-studies-ii","tag-gs","tag-union-public-service-commission-upsc"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts\/2480","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/comments?post=2480"}],"version-history":[{"count":1,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts\/2480\/revisions"}],"predecessor-version":[{"id":2481,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts\/2480\/revisions\/2481"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/media\/882"}],"wp:attachment":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/media?parent=2480"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/categories?post=2480"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/tags?post=2480"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}