9% growth impossible in nxt 5 yrs: Singh
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In view of deteriorating global economic situation over the last one year, achieving average growth rate of 9 per cent in the next five years is not possible, and it may be 8-8.5 per cent, Planning Commission Deputy Chairman Montek Singh Ahluwalia today said.
"It is not possible to think of an average of 9 per cent (in 12th Plan, 2012-17). I think somewhere between 8 and 8.5 per cent is feasible," Ahluwalia said on the sidelines of a conference of state planning boards and departments.
Last year, the Planning Commission got the approval for the 9 per cent annual average economic growth target under the Approach document for the 12th Plan from the country's apex decision making body, the National Development Council (NDC), headed by the Prime Minister with all the Chief Ministers and Cabinet Ministers on board.
"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 per cent," he added.
He further said, "I think given that the world economy deteriorated very sharply over the last year...the growth rate in the first of year of the 12th Plan (2012-13) is 6.5 to 7 per cent."
He indicated that soon he will hold discussions with members of the Commission to set the final growth target, and put it before the NDC for approval.
He said the work on the 12th Plan document is on track and it would be tabled before NDC for approval by September.
"We have targetted the National Development Council meeting in September. I think we are on track," he said.
Before going to NDC, there would be full Planning Commission meeting that will be presided over by the Prime Minister and Cabinet Ministers to approve the document.
Ahluwalia said, "We believe that we can do that (full Planning Commission meeting) any time after the end of July.
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