New strategy needed to grow over 8% in 12th Plan
New Delhi: Sounding a note of caution that it would be difficult for India to grow faster than 8 percent, the Planning Commission on Friday said that the country will have to adopt a "new strategy" to achieve high economic expansion.
In a presentation before thSounding a note of caution that it would be difficult for India to grow faster than 8 percent, the Planning Commission on Friday said that the country will have to adopt a "new strategy" to achieve high economic expansion.e state planning boards, Principal Advisor Pronab Sen said it would "difficult to grow faster than 8 percent, without being more efficient in our use of resources".
Pointing out that 12th Plan has started at a time when the conditions are unfavourable, Sen said that a new strategy would be needed to achieve higher growth.
The strategy would include optimal utilisation of natural resources, improving credit flow to small scale industries, agriculture and infrastructure sector.
Sen further said that in order to achieve 9 percent growth rate the country would need to expand exports by 20 percent per year and increase engagement with the world to attract more foreign investments.
Giving another scenario, he said the could opt for 8.5 percent growth rate where it would have to maintain agriculture growth rate of 4 percent and manufacturing at 10.5 percent.
Besides, he said, the country would have to generate 25 million new work opportunities in the non-agriculture sector and increase the green cover by one million hectare every year.
Sen also asked to reduce the poverty ratio by 10 percent during the five year period for 8.5 percent economic expansion during 12th Plan.