‘Bimaru’ states turn the tide, top growth charts
This re-alignment of growth in states coupled with persistent global economic slowdown has led to the commission lowering its growth projection to 8 per cent from the earlier 8.2 per cent.
“Our objective is that we should be going in for a more optimistic scenario... And probably if we reflect, what we now know (is that) instead of 8.2 per cent, it would be better to pitch it at 8 per cent,” Ahluwalia told a news conference today.
This is the second time that the plan panel has lowered its growth projection for the Twelfth Plan. Initially, after estimating the growth rate at 9 per cent in the Approach Paper, it had lowered the target to 8.2 per cent in September 2012.
Ahluwalia said the economy will have to clock 9 per cent growth during the last three years of the plan period to achieve 8 per cent growth the economy. “I would say that even 8 per cent average, if you work it out based on 5.8 for current year or 7 per cent next year, it will mean ... 9 per cent for the next few years. That’s quite an ambitious target,” he pointed out.
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