Expressing confidence that the Centre’s demonetisation decision will go a long way in flushing out black money and bringing down inflation, NITI Aayog Vice-Chairman Arvind Panagariya said the crackdown will ensure that more transactions take place through the banking system.

Addressing the Economic Editors’ Conference, he outlined the role of NITI Aayog and said that in keeping with its mandate as the premier think-tank of the government, it has played a key role in strengthening the spirit of cooperative federalism.

NITI Aayog is in the process of formulating a 15-year vision, seven-year strategy and three-year action plan, he added.

Panagariya further said efforts are under way to give a big push to agricultural marketing, which will help farmers get a better price for their produce, and thereby double their income.

He added that NITI Aayog has helped formulate the Model Land Leasing law, which has received a very positive response from the States. Madhya Pradesh and Uttar Pradesh have already adopted this model. Besides, NITI Aayog has worked extensively on labour reforms and facilitated the clearance of proposals from the States pending with the Centre.

Panagariya said there has been significant progress and consensus on the need for reform of the Medical Council of India, being undertaken by NITI Aayog.

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