Cabinet to approve 12th Five Year Plan
(2012-17)
Thursday October 04, 2012 07:06:56 PM,
IANS
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Related Article |
12th Plan document envisaging 8.2 percent growth approved
A full
Planning Commission chaired by Prime Minister Manmohan Singh
Saturday approved the 12th Five-Year Plan document that seeks to
raise the average annual economic growth during 2012-17 period
ending March 2017 to 8.2 percent from 7.9 percent achieved in the
11th Plan.
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New Delhi: The union
cabinet meeting later Thursday is expected to consider and approve
the 12th Five Year Plan (2012-17) that seeks an average annual
economic growth of 8.2 percent and identifies infrastructure,
health and education as thrust areas.
The growth rate has been lowered to 8.2 percent from the 9.0
percent projected earlier in view of the current slowdown in the
economy and adverse international situation.
During the 11th Plan period, the average annual growth was 7.9
percent.
A full Planning Commission chaired by Prime Minister Manmohan
Singh Sep 15 endorsed the document which has fixed the total plan
size at Rs.47.7 lakh crore.
The 12th Plan seeks to achieve 4 per cent agriculture sector
growth during the five-year period "critical to achieve inclusive
growth".
Agriculture in the current plan period has grown at 3.3 percent,
compared to 2.4 percent during the 10th plan period.
The growth target for manufacturing sector has been pegged at 10
per cent.
The document stresses the importance of infrastructure
development, especially in the power sector, and removal of
bottlenecks for high growth and inclusiveness.
It also sets targets for various economic and social sectors
relating to poverty alleviation, infant mortality, enrolment ratio
and job creation.
On poverty alleviation, the commission plans to bring down the
poverty ratio by 10 per cent. At present, the poverty is around 30
per cent of the population.
According to commission Deputy Chairperson Montek Singh Ahluwalia,
health and education sectors are major thrust areas and the
outlays for these in the plan have been raised.
The outlay on health would include increased spending in related
areas of drinking water and sanitation.
The commission had accepted Finance Minister P. Chidambaram's
suggestion that direct cash transfer of subsidies in food,
fertilizers and petroleum be made by the end of the 12th Plan
period.
Direct cash transfers would bring down the government's subsidy
burden as the money would go directly to the "genuine"
beneficiaries and "plug leakages" in the implementation of these
schemes.
After the cabinet clearance, the plan for its final approval would
be placed before the National Development Council (NDC), which has
all chief ministers and cabinet ministers as members and is headed
by the Prime Minister.
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