Planning Commission cuts growth target to 8% in 12th Plan
The Planning Commission has opined to cut the growth rate target for the 12th Five Year Plan to 8%, from 8.2% at the meeting of the National Development Council (NDC).
It is for the second time that the Plan panel has slashed the growth projection for the 12th plan (2012-17).
After initially estimating the growth rate at 9% in its Approach Paper, it lowered the target to 8.2% in September 2012 in view of global economic worries and persistent sluggishness in domestic growth.
The average annual growth rate was 7.9% in the 11th Five Year Plan.
For the current fiscal, which would be the first year of the 12th Plan, the growth rate has been estimated at 5.7-5.9%, which would be the lowest in the last decade.