Growth can rebound to 7 pc in 2 years: Montek Singh
Ahluwalia
Press Trust of India, June 05,
2013 |
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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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