Niti estimates 8% GDP growth during 2018-23

New Delhi: Niti Aayog on Wednesday estimated the economic growth rate of about 8 per cent on average during 2018-23 in its much-awaited strategy document for a new India by 2022.

It will raise the economy's size in real terms from $2.7 trillion in 2017-18 to nearly $4 trillion by 2022-23 and increase the investment rate as measured by gross fixed capital formation (GFCF) from the present 29 per cent to 36 per cent of GDP by 2022, the Aayog in its report said.

The document has called for a shift in agriculture with emphasis to converting farmers to 'agripreneurs' by further expanding e-National Agriculture Markets and replacing the Agricultural Produce Marketing Committee Act with the Agricultural Produce and Livestock Marketing Act.

According to officials, the document is likely to be a guiding document for policymakers going forward as it sets targets for all ministries.

The overarching focus of the strategy document is to further improve the policy environment in which private investors and other stakeholders can contribute their fullest towards achieving the goals set out for New India 2022 and propel India towards a $5 trillion economy by 2030.

The forty-one chapters in the document have been disaggregated under four sections: Drivers, Infrastructure, Inclusion and Governance.

"The document is a detailed paper that recognises the progress already made, identifies binding constraints, and suggests the way forward for achieving the clearly stated objectives," an official said, adding that it comes several months after the Aayog released its three-year action plan. This is expected to be followed by 15-year vision document soon.