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'Nine pc growth not possible in 12th Plan'
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SME Times News Bureau | 07 Jul, 2012
It is not possible to achieve 9 percent economic growth during the 12th
Five Year Plan period that began April 1, 2012, Planning Commission
Deputy Chairman Montek Singh Ahluwalia said Friday.
"It is not
possible to think of 9 percent growth. I think somewhere between 8 and
8.5 percent is feasible," Ahluwalia said when asked about the possible
economic growth during the 12th Plan period (2012-17).
The
approach paper for the 12th Five Year Plan (2012-17) approved by the
panel led by Prime Minister Manmohan Singh has set a target of 9 percent
average annual growth for the period.
Ahluwalia said even 8 percent growth would not be easy to achieve given the deteriorating global economic situation.
"When
I say feasible, that will require major effort. If you don't do that,
there is no god-given right to grow at 8 percent," Ahluwalia told
reporters on the sidelines of an event organised by the Planning
Commission in New Delhi.
He said growth rate in 2012-13, the first year of the 12th Plan period, is likely to remain around 6.5 to 7 percent.
India's
economic growth slumped to 6.5 percent in the financial year ended
March 31, 2012, as compared to 8.4 percent in the previous year.
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US Dollar
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