India may not achieve 9 pc growth during 11th Five Year Plan | business | Hindustan Times
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India may not achieve 9 pc growth during 11th Five Year Plan

business Updated: Nov 07, 2009 19:39 IST

India may not achieve its growth target of nine per cent during the 11th Five Year Plan period as the economic slowdown and drought would likely take their toll, a senior Planning Commission member said.

"We set a growth target of 9-10 per cent for the 11th Plan. Though we began well in the first year (2007-08), the global meltdown impacted the growth rate in the second year and a drought this year will hamper it even more," Planning Commission Member, Arun Maira, told reporters in Mumbai.

The Commission might revise the growth target by this year-end and is likely to conduct a mid-term appraisal of the 11th Plan.

"Our economy is going through difficult period and the world economy will take a year more to recover from the global recession. The measures taken by the Government during the past eight months are aimed at a stronger economic performance," he said.

Global recession and drought were unforeseen events that disrupted growth momentum and the cyclical nature of many sectors.

"We expect a strong rebound in the farm sector next year. But for the weak monsoon, the growth rate would certainly have been above seven per cent this fiscal," Maira said.