NDC approves 12th Five Year Plan

Country's apex policy making body NDC has approved the strategy to achieve average growth rate of 8 pc during the 12th Five Year Plan (2012-17), generate 50 million new jobs and increase investments in infrastructure sector. The document has pegged the aggregate Plan resources at Rs 37.16 lakh crore during the five year period starting 2012-13. Moving away from previous practice of presenting single growth projection, the Planning Commission has come out with three different economic scenarios for 12th Five-Year Plan. As per the "aspirational" scenario one of strong inclusive growth India's economic growth will be average 8 percent in the five years. The document also cautions that in scenario of policy logjam, the GDP growth could slow down to 5-5.5 percent. The document proposes to bring down poverty by 10 percentage points by the end of the 12th Plan. As regard the infrastructure sector, efforts would be made to increase investment in this sector to 9 percent of the GDP by the end of the Plan period. 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. It also seeks to reduce emission intensity of the GDP in line with the target of 20-25 reduction by 2020 over 2005 levels. Although the document envisages 6.7 percent growth rate in the current fiscal, it has been projected at 5.7-5.9 percent in 2012-13 by the Finance Ministry. The strategy for the full Plan would aim 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.