More petrol, power, LPG price hikes coming soon, says PM at National Development Council to boost 12th Five Year Plan

Earlier, Planning Commission Deputy Chairman Montek Singh Ahluwalia said that in view of the domestic and global developments, the growth rate "associated with scenario one (most optimistic outlook) could be scaled down to 8 per cent".

The Prime Minister emphasised that both the Centre and the states should work towards increasing resources to finance programmes of inclusiveness.

Referring to implementation of the Goods and Services Tax (GST) regime, Singh said there was a need to increase the tax ratio as a percent of GDP through combination of tax reforms and better tax administration.

"Early implementation of the GST is critical in this context. I hope we will have the co-operation of the States to introduce the GST as quickly as possible," he said.

Singh said growth rate of many states have improved in the recent years. "The average growth rate of the five poorest states exceeds the national average for the first time in any Plan. I think we may be reaching the stage when the term BIMARU states can be relegated to history," he added.

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