New Delhi: Country's apex policy making body National Development Council (NDC) is likely to meet in the first week of next month to approve 12th Plan (2012-17) that seeks to lower the annual economic growth to 8.2 percent from 9 percent envisaged earlier in the five year policy period.
"The NDC is likely to meet in the first week of November to approve the draft 12th Plan document," a source privy to the development said.
The full Planning Commission and Union Cabinet have already approved the draft 12th Plan document.
The document will now be placed before the NDC for final approval. Once NDC gives green signal to it, the document will become the government policy to be followed during the five year period ending March 31, 2017.
The NDC, headed by Prime Minister Manmohan Singh with all chief ministers and Cabinet ministers on board, is the final authority to set national policies like Five-Year Plan.
In view of the ongoing global problems, the average annual growth target for the 12th Plan has been scaled down to 8.2 percent from 9 percent envisaged in the Approach Paper to the 12th Plan.
During the 11th Plan (2007-12), India recorded an average economic growth rate of 7.9 percent. This, however, is lower than the 9 percent targeted during that plan period.
Besides other things, the 12th Plan seeks to achieve 4 percent agriculture sector growth. The growth target for manufacturing sector has been pegged at 10 percent during 2012-17.
The total plan size has been estimated at Rs 47.7 lakh crore, 135 percent more that for the 11th Plan (2007-12).
As regards poverty alleviation, the Commission aims to bring down the poverty ratio by 10 percent. At present, 30 percent of the population is below poverty line.
First Published: Sunday, October 07, 2012, 12:51