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Eco growth expected to be around 6% due to drought

business Updated: Aug 03, 2012 21:36 IST
HT Correspondent
HT Correspondent
Hindustan Times

Deficient monsoon is likely to pull down the economic growth target for current financial year to around six percent from the earlier projected 6.5 %, country’s top advisory body planning commission projected on Friday.

Planning Commission deputy chairperson Montek Singh Ahluwalia said the poor monsoon is likely to pull down economic growth as there does not seem to be any visible signs of a turnaround.

“If we factor in that agriculture which would not be strong ... (growth) would be closer to 6 per cent. I don't think we have sufficiently strong industrial turn around yet,” he said.

And, this could impact the overall growth target for the 12th five year plan as the annual average economic growth could be around 8.2 per cent as against the earlier estimate of 9 per cent envisaged in the approach paper to the policy document.

On whether special schemes were needed to tide over the drought like situation, Ahluwalia said, "I don't think you need an incentive. These are all issues that state governments have to tackle. They are usually very keen to take corrective measures".