Planning Commission to moderate growth target

New Delhi, July 8 (ANI): The Planning Commission on Wednesday began the Mid-Term Review of its 11th Plan to moderate the nine percent growth target for the next five-year period.

"We will have to moderate the growth target. It would not be possible to achieve the overall growth target of 9 per cent during 2007-12," a top official said.

The issues of growth and Mid-Term Review of the 11th Plan came up for discussion at the first meeting of Planning Commission.

"We hope that the Mid-Term Review (document) of the 11th Plan would be produced before the next Budget is presented," Planning Commission Deputy Chairman Montek Singh Ahluwalia told reporters after the meeting on Wednesday.

"We intend that whatever comes out of the Mid-Term Review, whatever mid-course corrections may be needed, whatever consequences of re-prioritisation that has already taken place, get properly reflected in the next Budget," he added.

The 11th Plan had set an average economic growth target of 9 percent for 2007-12. Although the economy during 2007-08 expanded by 9 percent, growth plummeted to 6.7 percent during 2008-09 on account of the impact of the global crisis.

"The Mid-Term Review (document) of the 11th plan would be ready by November ... This would taken up for discussion in full Planning Commission meeting to be chaired by the Prime Minister in January next year," the Commission source said.

The Commission members have also been told to seek assistance and inputs of various agencies for the review as its main purpose is to prioritise programmes for the next Budget.

"The members have been asked to start work on the approach paper for the 12th Five-Year Plan (2012-17). This is expected to be ready by December 2010," the source said. (ANI)