Government think tank NITI Aayog is likely to finalise three-year Action Plan, which will replace over six-decade old practice of five year plans, by December end in view of advancement of presentation of union budget this time.
"The basic exercise to prepare three-year action plan, which would become basis for various central budgetary allocations, will be over in couple of weeks. NITI Aayog is likely to submit final document by December-end," a source privy to the development said.
Government has already decided to do away with the practice preparing annual budgets on the basis of five year plans from next fiscal. This is the terminal fiscal of the 12th Five Year Plan (2012-17).
The source said, "The three-year action plan is required for going ahead with long drawn strategy of development. Thus, it has to be ready before the General Budget is finalised for presentation on February 1, 2017."
NITI Aayog has also been entrusted the work on the 15-year Vision Document and a seven year strategy which would guide the government's development works till 2030.
However, the source could not confirm whether the action plan would be approved by NITI Aayog's Governing Council headed by Prime Minister with all chief ministers on its board.
Earlier this year, the Aayog had convened a meeting of all chief secretaries and planning secretaries of the states to discuss the vision, strategy and action plan documents with them.
During the meeting, the states were asked to adopt outcome based target and monitoring of infrastructure projects as being done by the central government.
The NITI Aayog has already made a detailed presentation to the Prime Minister on outcome-based targets and monitoring of infrastructure projects.
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