9% growth not possible in next 5 years: Montek

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In view of deteriorating global economic situation over the last one year, achieving average growth rate of 9 per cent in the next five years is not possible, and it may be 8-8.5 per cent, Planning Commission Deputy chairman Montek Singh Ahluwalia said on Friday.

"It is not possible to think of an average of 9 per cent (in 12th Plan, 2012-17). I think somewhere between 8 and 8.5 per cent is feasible," Ahluwalia said on the sidelines of a conference of state planning boards and departments.

Last year, the Planning Commission got the approval for the 9 per cent annual average economic growth target under the Approach document for the 12th Plan from the country's apex decision making body, the National Development Council (NDC), headed by the Prime Minister with all the Chief Ministers and Cabinet Ministers on board.

"When I say feasible...that will require major effort. If you don't do that there is not God given right to grow at 8 per cent," he added.

He further said, "I think given that the world economy deteriorated very sharply over the last year...the growth rate in the first of year of the 12th Plan (2012-13) is 6.5 to 7 per cent."

He also indicated that the soon he will share his view with other members of the Commission to choose a final number (economic growth target) to put before the country's NDC for its approval.

It was also informed that the work on 12th Plan document is on track and the voluminous document would be tabled before NDC headed by the Prime Minister for approval by September.

"We have targetted the National Development Council (NDC) meeting in September. I think we are on track," he said.