Growth can rebound to 7 pc in 2 years:
Montek Singh Ahluwalia
Press Trust of
India, June 05, 2013
The economic growth can rebound to 7 per cent in two
years if corrective steps that are needed be
taken,Planning Commission Deputy ChairmanMontek Singh
Ahluwalia said today.
While addressing at the 30th anniversary lecture of
CUTS, Ahluwalia said, "If we take the corrective steps
whatever necessary, we will get back to 7 per cent
(economic growth rate). I don't say this will happen
this year but it can happen in two years period."
The economic growth slipped to decades' low of 5 per
cent in 2012-13, the first year of the 12th Five-Year
Plan, due to poor performance of farm, manufacturing and
mining sectors. The growth rate in the fourth quarter
ending March 31, 2013, stood at 4.8 per cent showing a
marginal improvement over 4.7 per cent recorded in the
third quarter of 2012-13.
The Planning Commission targets 8 per cent annual
average growth rate in the 12th Five-Year Plan period
(2012-13). The Commission has started the work on the
mid-term review of the 12th Plan and has asked for
feedback from the states during their ongoing annual
plan discussions.
The sources say that the Commission may scale down the
annual average growth rate target of 8 per cent in the
12th Plan to 7 per cent in view of slow recovery. The
Commission has earlier also scaled down the annual
average growth rate of 9 per cent envisaged in the 11th
Plan to 8.1 per cent in view of the global economic
meltdown that began in 2008.
According to official estimates, India achieved an
economic growth rate of around 8 per cent during the
11th Five Year Plan period (2007-12).
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