Government will target 9 percent growth: PM (Lead)

August 20th, 2011 - 4:38 pm ICT by IANS  

Manmohan Singh New Delhi, Aug 20 (IANS) Sounding upbeat on the Indian economy despite an uncertasin global environment, Prime Minister Manmohan Singh Saturday said the 12th Five Year Plan
will target a 9-9.2 percent growth but said the second-generation reforms, which were a “lot more difficult”, will require wider national consensus.

“Considering the uncertainties in the global environment, as also inflationary pressures at home, it would be prudent to have a growth target which would ensure the achievement of the objective of the target of sustained, inclusive growth at a level, which would also take into account the capabilities of the economy,” the prime minister said.

Taking all these factors into account, we will be working on a growth rate of 9 percent per annum, but we will also keep open the possibility of raising the growth rate if the situation so improves — the domestic and international situation improves — to 9.2 percent,” he told a select group of journalists after chairing a meeting of the full Planning Commission at his 7 Race Course Road residence.

The meeting was called to discuss the draft approach paper for the 12th Five Year Plan that begins 2012-13.

The prime minister said the while second-generation reforms were being pursued they will require a wide consensus. At the same time, he hoped such a consensus will eventually emerge, as it did when the programme was first launched in 1991.

“Second generation reforms are essential. But they are a lot more difficult — they require a broad-based national consensus,” he said, adding: “The effort has to be to create a climate of opinion whereby all political parties would unite in national interest to push forward the reform agenda.”

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