Economy Oct 4, 2012
The government today approved the 12th Five-Year Plan (2012-17) document that aims to achieve annual average economic growth rate of 8.2 percent, down from from 9 percent envisaged earlier, in view of fragile global recovery.
The Union Cabinet discussed and approved the draft 12th Plan document, Finance Minister P Chidambaram said. The document has already been approved by the full Planning Commission headed by Prime Minister Manmohan Singh on September 15.
The document will now be placed before the National Development Council (NDC), the apex decision making body, for the final approval.
The NDC, headed by the Prime Minister with all Chief Ministers and Cabinet Ministers on board, is the final authority to approve the five-year long policy document.
In view of the ongoing global problems, the average annual growth target for the 12th Plan has been scaled down to 8.2 percent from 9 percent envisaged in the Approach Paper to the 12th Plan.
During the 11th Plan (2007-12), India has recorded an average economic growth rate of 7.9 percent.
This, however, is lower than the 9 percent targetted in 11th Plan. Besides other things, the 12th Plan seeks to achieve 4 percent agriculture sector growth during 2012-17. The growth target for manufacturing sector has been pegged at 10 percent.
The total plan size has been estimated at Rs 47.7 lakh crore, 135 percent more that for the 11th Plan (2007-12). As regards to poverty alleviation, the Commission aims to bring down the poverty ratio by 10 percent. At present, 30 percent of the population is below poverty line.
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