The Vice Chairman of NITI Aayog, Dr. Arvind Panagariya has said that the crackdown on black money by demonetization will bring down the inflation. The move will ensure that transactions will now go much more through the banking system which will ensure transparency. He expressed confidence that the Government’s decision will go a long way in flushing out the black money and bring down the inflation. He was addressing the Economic Editors’ conference at the National Media Center in the national capital today.

Outlining the role of NITI Aayog, Dr. Panagariya said that in keeping with its mandate as the premier think tank of the Government, it has played key role in strengthening the spirit of co-operative federalism. It has carried out a series of national and regional consultations involving various stakeholders, and put together the best practices in various sectors for the benefit of the states. He said that NITI Aayog is in the process of formulating a 15 year vision, 7 year strategy and 3 year action plan.

Its 3 sub-groups of Chief Ministers on rationalization of Centrally Sponsored Schemes, Skill Development and Swachch Bharat Abhiyan have contributed in a big way towards an effective implementation of the flagship programs of the Government. Significant progress has been made in Swachch Bharat and Skill India based on its reports. The Task Forces on Elimination of Poverty in India and Agriculture Development have been instrumental in shaping up the future course of action. The Vice Chairman of NITI Aayog said that efforts are underway to give a big push to the agricultural marketing which will help farmers get a better price for their produce, and thereby double farmers' 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 also worked extensively on labour reforms and facilitated the clearance of proposals from the states pending with the center.

Dr. Panagariya told that there has been significant progress and consensus on the need for reform of Medical Council of India being undertaken by NITI Aayog. The work is also on to turn 10 public and 10 private institutions of higher education into world-class institutions as envisaged by the Prime Minister. Identifying and spreading best practices and organizing high powered lecture series to learn from the ideas of the leading lights have been high on the agenda of NITI Aayog.  Keeping this aspect in mind, the first NITI Lecture under Transforming India series had the Deputy Prime Minister of Singapore sharing his views and now it is the turn of Microsoft founder Bill Gates to share his perspectives on Technology and Transformation at the Second NITI Aayog lecture in New Delhi on 16th November.

Ever since its inception in January 2015, NITI Aayog has played a key role in strengthening the spirit of co-operative federalism. Besides, NITI Aayog has undertaken the appraisal of the 12th Five Year Plan.  Among its new initiatives, Atal Innovation Mission is intended to give a push to the Startups Movement in India.

Demonetization reduces black money and inflation by formalizing transactions through the banking system and transparency. Demonetization is described as a policy tool to reduce black money and curb inflation by shifting transactions into the banking system to increase transparency. NITI Aayog is portrayed as the Government's think tank strengthening cooperative federalism through consultations, best practice dissemination, and a 15 year vision, 7 year strategy and 3 year action plan, with sub groups and task forces advising on scheme rationalization, skill development, sanitation, poverty elimination, agriculture, land leasing, labour and medical reforms, and initiatives to boost innovation and higher education quality.