Niti Aayog projects growth at an average of 8% in 15 years

NEWDELHI: India on Sunday drew a long-term vision plan that envisages faster reforms to help the economy grow at an annual average rate of 8% in the next 15-16 years.

Presenting the draft 15-year vision document at a meeting chaired by Prime Minister Narendra Modi, Niti Aayog vice chairman Arvind Panagariya said the Centre and states discussed various reforms that are required in coming years including the implementation of Goods and Services Tax from July.

“The future looks extremely bright...There is a very good case that we should over the next 15-16 years grow at 8%,” he said. After 15-16 years, India’s gross domestic product or the size of the economy will touch ₹469 lakh crore from ₹137 lakh crore in 2015-16, Panagariya said.

This means a 3.4 times increase in the size of the economy in one-and-a-half decades.

Niti Aayog’s governing council thrashed out the 15-year vision document for faster development as well as improve social goals such as reducing poverty, improve health and sanitation.

Another seven-year strategy document for 2017-24 will also be charted out as the National Development Agenda.

A three-year Action Agenda from 2017-18 to 2019-20 is also being worked out to assess funding requirements.

During the meeting, Madhya Pradesh chief minister Shivraj Singh Chauhan outlined the need to double farmers’ income. Ramesh Chand, member of Niti Aayog, highlighted steps needed to be taken to give farmers remunerative prices and increase productivity.