'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.