India may not achieve 9% growth during 11th FYP
Mumbai: India may not achieve its growth target of nine percent during the 11th Five-Year Plan period as the economic slowdown and drought are likely to take their toll, a senior Planning Commission member said.
"We set a growth target of 9-10 percent 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
(2008-09) 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 cyclic nature of many sectors.
"We expect a strong rebound in the farm sector next year, 2010. But for the weak monsoon, the growth rate would certainly have been above seven percent this fiscal," Maira said.
Bureau Report