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India can achieve 9-9.5% growth in 12th Five-Year Plan: M S Ahluwalia

29 Jun 2011 Evaluate

Despite the recent indication of slowdown in economic expansion because of inflation and increased interest rates by the Reserve Bank of India to curb inflation, Indian economy is expected to grow by 9 to 9.5% in the next five year plan. The Planning commission Deputy Chairman Montek Singh Ahluwalia said India is in a strong position to achieve 9-9.5 per cent growth during the 12th Five-Year Plan (2012-17).

M S Ahluwalia said “Although the global situation is difficult, we should be able to achieve average 9 per cent growth during 12th Plan if tough policy decisions are taken in critical areas.” The planning commission is presently giving the finale outline to the 12th five year plan approach paper and it is expected to finish the process in few days.

Ahluwalia said, “Achieving even 9 per cent growth rate is not easy. It requires lot of tough decisions. Over a five-year period, we should be able to take these decisions.” He is hopeful for better performance of the economy in the next five year plan, supported by the policy actions. “We can do even better than 9 per cent provided we are able to take difficult decisions in the areas, including management of energy prices, infrastructure management and management of water resources. We must pay attention to ground water recharge and scientific watershed management,” he added.

Stressing on the need for fiscal consolidation for better performance on economic growth, planning commission deputy chairman said, “It will also be necessary to make genuine progress towards fiscal consolidation, which depends mainly on reducing untargeted subsidies.” Adding further he said “None of this is easy but possible. If we do all of this, we can achieve average growth of 9 per cent in the 12th Plan.”

Ahluwalia, however, cautioned that unrealistic expectations on growth should not be raised. “I am not in favour of encouraging unrealistic expectations about growth. We have to wake up and smell the coffee,” he said.

During the present 11th five year plan, Indian economy grew on an average over 8%, below the target of 9%. However, the GDP growth is outstanding given the global economic downturn and deficient monsoon during the 11th five year plan period. In 10th five year plan, India’s average gross domestic product (GDP) growth was around 7.7%.

In the full planning commission meeting headed by the Prime Minister Manmohan Singh on April 21, planning commission in its presentation on the 12th five year plan expectation pointed out that a growth of 9 to 9.5% for the plan period could be directed. “Realistically, even 9 per cent will need strong policy action,” the plan body said in its presentation.

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India can achieve 9-9.5% growth in 12th Five-Year Plan: M S Ahluwalia

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