NITI Aayog third meeting
Source : The Hindu
GS III : Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment

Why in News ?

The third meeting of NITI Aayog’s Governing Council which deliberate on the 15-year Vision Document to accelerate the country’s economic development.

Outcome of the meeting

• NITI Aayog set out the new approach which envisages a 15 year long term vision, accompanied by a 7 year strategy and a 3 year action agenda.
• In 3 year agenda inputs from the states as well as central ministries and subject experts were incorporated in the agenda.
• The three-year agenda has been divided into seven parts, with each part having a number of specific action points and over 300 specific action points have been identified covering the whole sectors. 
• Besides the 3 YEAR agenda seven-year strategy and a 15-year long-term vision that will replace the erstwhile Five-Year Plans for the nation’s planning framework.
• The 15-year vision document aims to pegs the Indian economy’s growth from Rs 137 lakh crore in 2015-16 to Rs 469 lakh crore by 2031-32 at 2015-16 prices.
• Projection is based on growth estimate of 8 per cent per annum
• The vision of ‘New India’ could only be realised if all States work together and speed up capital expenditure and infrastructure creation.

NITI Aayog

• National Institution for Transforming India is a Government of India policy think-tank established by the Narendra Modi government to replace the Planning Commission which followed the top-down model.
• The stated aim for NITI Aayog’s creation is to foster involvement and participation in the economic policy-making process by the State Governments of India.
• The emphasis is on bottom-up approach and make the country to move towards cooperative federalism .
• The Prime Minister as the Ex-officio chairman and governing council consists of all state Chief Ministers,Lieutenant Governors of union territories,and vice chairman nominated by the Prime Minister.
• In addition to full members, there are two part-time members and four ex-officio members and a chief executive officer.
• The temporary members are selected from the leading universities and research institutions.

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