Poor presentation of the saving during 2013 derailed
Planning Commission's ambitious growth target of 8 per cent for the 12th Plan,
which the nation's official think-tank will revise downwards in the new year as
part of its mid-term evaluation exercise.
During the first year of the 12th Plan, India's saving grew by only 5 per cent, the slowest in a decade. In the first half (April-September) of the in progress financial year 2013-14, the economy grew by just 4.6 per cent.
Attributing lower-than-expected growth to worldwide factors, Planning Commission Deputy Chairman Montek Singh Ahluwalia said 12th Plan's growth target could be lowered to around 7.5 per cent.
"In the 12th Plan for the first time, upper-end concert was going to be just about 8 per cent normal in a year but since then universal economy has done much inferior. So, today 8 per cent is bit on the high side. The opportunity for next five years I feel is 7.5 per cent which is not unworkable," he said
During the first year of the 12th Plan, India's saving grew by only 5 per cent, the slowest in a decade. In the first half (April-September) of the in progress financial year 2013-14, the economy grew by just 4.6 per cent.
Attributing lower-than-expected growth to worldwide factors, Planning Commission Deputy Chairman Montek Singh Ahluwalia said 12th Plan's growth target could be lowered to around 7.5 per cent.
"In the 12th Plan for the first time, upper-end concert was going to be just about 8 per cent normal in a year but since then universal economy has done much inferior. So, today 8 per cent is bit on the high side. The opportunity for next five years I feel is 7.5 per cent which is not unworkable," he said