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Economy Jan 21, 2013

Par panel scrutinises 12th Plan to achieve 8% growth

New Delhi: Parliamentary Standing Committee on Finance today scrutinised the 12th Five Year Plan (2012-17) document that aims to achieve average growth rate of 8 percent, generate 50 million new jobs and increase investments in the infrastructure sector.

The Committee, headed by senior BJP leader Yashwant Sinha, discussed the document with Planning Commission Deputy Chairman Montek Singh Ahluwalia and other members of the Commission, sources said.

The document envisages 6.7 percent growth rate in the current fiscal. AFP

"There will be another round of meeting and after that the Committee will finalise its report," they said. The country's apex policy making body National Development Council (NDC) had last month approved the 12th Plan strategy document.

The document envisages 6.7 percent growth rate in the current fiscal. However, the Finance Ministry has projected GDP expansion at 5.7-5.9 percent in 2012-13. The document has pegged the aggregate Plan resources at Rs 37.16 lakh crore during the five year period starting 2012-13.

The other targets include increasing green cover by one million hectare every year, and adding 30,000 MW of renewable energy generation capacity in the Plan period. The Plan also seeks to reduce emission intensity of the GDP in line with the target of 20-25 reduction by 2020 over 2005 levels.

The strategy for the full Plan period aims at raising agriculture output to 4 percent and manufacturing sector growth to 10 percent. It also wants all the states to set higher targets of growth than what was achieved in the 11th Five Year Plan.

The Plan expenditure is the government spending on social sector schemes such as Bharat Nirman, rural employment guarantee and National Rural Health Mission. Besides, it includes Centre's assistance to various states and Union
Territories Plans.

PTI


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