India may not achieve 9 pc growth during 11th Five Year Plan
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.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.