MUMBAI: 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% 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 here.
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.
"We set a growth target of 9-10% 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 here.
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.
POSTED BY:
PALLAVI SINGH
PGDM III SEM
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