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Saturday, 14 May 2016

NITI Aayog to replace 5-year plans with 15-year vision document

Union Government’s apex think tank NITI (National Institution for Transforming India) Aayog has decided to come up with a 15-year vision document in tandem with global trends and economic growth. NITI Aayog which had replaced erstwhile Planning Commission (PC) in 2015, with its 15-year vision document will also abandon the concept of five-year plans prepared by the PC since 1951. Key facts The first 15-year vision document will come
into effect from 2017-18 after the end of the 12th Five year plan. It will be formulated with central objective of eradication poverty. It will come along with a seven-year National Development Agenda which will lay down the programmes schemes, and strategies to achieve the long-term vision The long vision document (perspective plan) will comprise of three-year macroeconomic framework. The framework will predict growth indicators that will be synced with the 14th Finance Commission recommendations. It will also be coterminous with the UNDP’s 2030 sustainable development goals to which India is committed to meet broader social objectives. The 15-year vision document will also include defence and internal security. They were not been a part of five-year plans. The NITI Aayog will also create a dashboard for monitoring, evaluation and review of the implementation of vision document. The 14th Finance Commission recommendations will remain in force till financial year 2019-20. It had favoured giving states more untied funds along with greater fiscal responsibility in implementing centrally-sponsored schemes. To this effect, it had increased the states’ share in central taxes from 32% to 42%. UNDP’s 2030 sustainable development goals include 16 long-term goals and 169 sub-targets to be achieved by 2030.

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