The Planning Commission met with the Prime Minister and approved the document for the 12th Five-year plan. Here are highlights of Montek Singh Ahluwalia, Deputy Chairman of Planning Commission's speech.
- Plan Panel to revise draft document to include suggestions made at the meet
- It is vital to achieve 8.2% growth in 12th Plan
- It is realistic to achieve 8.2% in 12th Plan
- We have got a reasonable growth of 7.9% in the 11th plan
- 12th Plan building on better growth
- Post 2004 economy's performance has improved
- Several Plan Panel members and Cabinet Ministers emphasised on the thrust on infrastructure
- Infra development imperative for inclusive growth
- Growth might slip to 5% on policy logjam
- Agri growth target to be 4% in 12th plan
- Manufacturing growth target to be 10% in 12th plan
- Infra investment to be close to $1 trn
- Current account deficit pegged at 2.9%
- 12th plan building on better growth
- Economic performance has improved post 2004
- PM to personally monitor infra progress
- Power another area of focus and concern
- Fuel availability for power sector, manufacturing key for growth
- Govt to rationalise/reform Centrally Sponsored Schemes
- State-specific guidelines to be issues for Centrally Sponsored Schemes
- Changes to be made to Plan document by next week
- Document to go for Cabinet nod soon
- We are not talking of removing PDS
- It is easier to track cash transfers
- Meet emphasised on setting up National Investment Authority under PM to approve large projects
- Authority to improve implementation of projects
- Fiscal deficit has to be brought under control
- Agree with what FM's views are on Fiscal deficit
- Inflation is a problem and it will be controlled
- Medium term fiscal consolidation is important when it comes to addressing fiscal deficit
- Tax to GDP ratio in the past 3 years had slipped
- Plan panel's views on fiscal deficit in line with FM's
- Crucial to get 3-4 % point higher investments
- Implementation bottlenecks has to be removed
- Institutional mechanisms are being put in place for this
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