Modi to bring out vision paper for India’s future in December
₹301 trillion and an exchange rate of 83 a dollar. Emails sent to the Prime Minister’s Office and NITI Aayog on Saturday seeking comments for the story remained unanswered. 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.
Experts said that addressing structural issues would be important for ensuring balanced growth. “Improving labour and capital productivity is critical for sustained, strong growth of the economy," said N.R. Bhanumurthy, vice chancellor of Dr BR Ambedkar School of Economics University in Bengaluru.
Enhanced factor productivity leads to higher economic output with the same resources. Building 21st-century infrastructure would be a key element of the Vision 2047 document. The government has identified 16 important areas of infrastructure, including roads, ports and railways, for continued public and private investment.
Read more on livemint.com
