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Logjam can slow us down to 5%: PM
Some risks are needed to achieve high growth... Our immediate priority must be to orchestrate a rebound in the current year. We should then accelerate growth to reach around 9%.
Updated : Sep 15, 2012, 11:27 PM IST
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After showcasing the ‘animal spirit’ by introducing long-awaited economic reforms, PM Manmohan Singh defended the measures on Saturday, warning that the 12th plan period’s projected growth rate of 8.2% could fall to 5% if there is a policy logjam.
The growth 11th plan (2007-12) target of 9% had already fallen short by over one percentage point at 7.9% due to recession in the global markets. At the same time, Singh emphasised the inclusive nature of the 12th plan, which was also the theme of the 11th plan, and said “our objective is not just growth of GDP, but growth that is inclusive and also sustainable.”
Amidst talk of growth and inclusivity, however, the government tried to hide its failure to achieve its target in employment generation. The 11th plan had set a target of generating 58 million jobs. However, the deputy chairman of the Planning Commission, Montek Singh Ahluwalia said “it is difficult to collate employment generation data. We do not have it with us right now, the numbers available till the year 2009-10 are not very good.”
Interestingly, the Commission has changed the terminology of the employment generation target for the 12th plan by focusing on only the non-farm sector and pegging it at 50 million jobs.
The previous plan had included the farm sector.
The projected growth rate for the agriculture sector too has been kept at 4%, the same as in 11th plan.
Among reforms, the 12th plan would look at the direct transfer of cash for providing subsidies to the target population.
In line with the Integrated Energy Policy prepared by the Planning Commission, the 12th plan also justifies the need for increasing the price of energy sources in the country.
“We cannot achieve energy efficiency, or increase in domestic production without aligning our prices with global trends. The increase in diesel prices effected recently is a step in the right direction”, said Singh.
The 12th plan document will be approved by the national development council, also headed by the PM, and will meet later in the year.
