On December 19, 2018, NITI Aayog published the "Strategy for New India@75" document with the target of achieving the UN Sustainable Development Goals, a USD 4-trillion economy by 2022–2023, and an acceleration of economic growth to 9–10%. The strategy for 2022–23 is laid out in 41 categories in the vision again for New India@75 paper.
The plan for New India@75 focuses on enhancing the regulatory system so that commercial investors and others may make the biggest possible contributions to moving India toward a USD 5-trillion market by 2030 by fulfilling the objectives set out for New India 2022.
The NITI Aayog's plan for New India@75 aims to integrate innovation, entrepreneurship, technology, and effective management at the center of policy formulation and implementation. Additionally invited to develop their respective strategies that support and complete the actions stated in the strategy paper are the private sector, people, and civil society.
There are total 41 chapters under Strategy for New India@75 but mainly it is divided into four chapter that are:
The document's first part on drivers concentrates on the productivity growth engines, including chapters on increasing job creation and growth, improving the ecosystem for research, innovation, and development, and fostering up-and-coming industries like finance and tourism.
The document's drivers section contains the following recommendations, among others:
1. Accelerate the economy steadily to reach an average GDP growth rate of roughly 8% between 2018 and 2023. By 2022–2023, it will increase the size of the economy from USD 2.7 trillion in 2017–18 to roughly USD 4 trillion. From 29% to 36% of GDP by 2022, raise the income growth as shown by Gross Fixed Capital Formation (GFCF).
2. Agricultural Produce Marketing Committee Act to the Agrarian Produce and Livestock Selling Act, the concentration in agriculture should be shifted toward transforming farmers into agripreneurs.
3. Support the "Zero Budget Natural Farming" practises that enhance land quality, cut expenses, and increase farmers' revenue. A tried-and-true strategy for reintroducing atmospheric carbon into the soil is called "Zero Budget Natural Farming."
4. to make sure that all labor rules are codified completely, to create the most jobs possible, and to make a significant effort to upgrade and extend apprenticeship.
5. By updating the policy on resource extraction and licensing, start a mission called "Explore in India."
The physical building blocks of development that are essential to enhancing the profitability of Indian industry and maintaining the comfort of its population are covered in the second part of the text on infrastructure.
The document's infrastructural section contains the following main recommendations:
1. Increase the Rail Development Authority's speed of establishment (RDA). The RDA will decide with knowledge or offer recommendations about clear, comprehensive, and dynamic following factors for the railways.
2. Increase by twofold the proportion of freight moved by both coastal and inland shipping. Up till the equipment is finished developing, viability gap money will be provided.
3. Create a platform powered by IT to combine various forms of transportation and advance multi-modal, digital mobility.
4. The Bharat Net programme would result in the digital connectivity of all 2.5 lakh village panchayats.
5. By 2022–2033, all government services should be provided digitally at the regional, state, and gram panchayat levels.
Investing in India's people' skills is the topic of the third part of the inclusiveness declaration. The themes in this area center on issues related to health, schooling, and the popularization of historically underrepresented groups in society.
In the document's inclusiveness section, a few significant suggestions are:
1. putting into action the Pradhan Mantri Jan Arogya Abhiyaan and the 1,50,000 wellness and health centers across India that are part of the Ayushman Bharat Program (PM-JAY).
2. the establishment of a public health point of focus at the federal and state levels.
3. Encourage the teaching of complementary therapies.
4. By constructing at least 10,000 Atal Tinkering Labs (ATLs) just at ground surface by 2020, it will be possible to improve the educational system's capabilities and quality while also fostering innovation.
5. Create an electronic national curriculum registry to keep track of each child's academic progress.
6. Increase the availability of cheap housing in metropolitan regions to enhance worker living circumstances, ensure equity, and fuel the national economy.
The document's last chapter on governance looks deeply into how governance mechanisms can be simplified and procedures can be optimized to generate great development results.
The document's administration section contains the following principal recommendations:
1. Follow the suggestions made by the Second Administrative Reforms Commission for creating reforms inside the perspective of evolving technologies and the escalating complexities of the economy.
2. Create a new independent organization, the Arbitration Council of India, to accredit judges and evaluate arbitration processes in order to speed up the arbitral proceedings, save costs, and avoid the need for judicial involvement.
3. Deal with the backlog of open cases, and remove some of the burden off the ordinary court system.
4. Expanding and knowing the scope of the swachh bharat mission in the country such that it helps in covering all the initiatives for the betterment.
So when concluding with the Strategy for New India@75 there are four mainly focused parts where the emphasis is supposed to be made of and they are discussed in detail as above.
Reverse Charge Mechanism u/s 9 (4) - Double collection of GST
GST on Printing Contracts of Books, Pamphlets, and Brochures
Classification of Disc-Pads / Brake-Pads under GST