9% Growth By 2022 Must To Generate Jobs: Niti Aayog

Raise investment, reform agriculture and codify labour laws: vision document

A growth rate of 9% is essential to generate enough jobs and achieve universal prosperity, according to a vision document released by NITI Aayog on Wednesday.

Towards this, the `Strategy for New India @75' document recommends a number of steps, including increasing the investment rate, reforming agriculture, and codifying labour laws.

"An annual rate of growth of 9% by 202223 is essential for generating sufficient jobs and achieving prosperity for all," the report, which was launched by Finance Minister Arun Jaitley, said in the introduction. Later in the report, NITI Aayog said the target should be 8% growth over the period 2018-23.

"This will raise the economy's size in real terms from $2.7 trillion in 201718 to nearly $4 trillion by 2022-23," it said. "Besides having rapid growth... it is also necessary to ensure that growth is inclusive, sustained, dean and formalised."

On boosting economic growth, the document identified two key steps for increasing the country's investment rate and the tax-GDP ratio.