The Planning Commission on Wednesday began the Mid-Term Review of its 11th Plan, which will result in moderating the average growth rate target for the five-year period (2007-12) in the economy, still reeling under the impact of the global financial meltdown.
"We will have to moderate the growth target . . . it would not be possible to achieve the overall growth target of 9 per cent during 2007-12," a top commission official told PTI.
The issues concerning growth and Mid-Term Review of the 11th Plan came up for discussion at the first meeting of the newly constituted Planning Commission.
"We hope that the Mid-Term Review (document) of the 11th Plan would be produced before the next Budget is presented," Planning Commission deputy chairman Montek Singh Ahluwalia told reporters after the meeting.
"We intend that whatever comes out of the Mid-Term Review, whatever mid-course corrections may be needed, whatever consequences of re-prioritisation that has already taken place, . . . get properly reflected in the next Budget," he added.
The 11th Plan had set an average economic growth target of 9 per cent for 2007-12. Although the economy during 2007-08 expanded by 9 per cent, growth plummeted to 6.7 per cent during 2008-09 on account of the impact of the global crisis.
"The Mid-Term Review (document) of the 11th plan would be ready by November ... This would taken up for discussion in full Planning Commission meeting to be chaired by the prime minister in January next year," the commission source said.
"The members have also been asked to start work on the approach paper for the 12th Five-Year Plan (2012-17). This is expected to be ready by December 2010. The document (XII plan) should be ready for the Full Planning Commission meeting by November 2011," he added.
The mid-Term review schedule has been advanced in the backdrop of huge changes in sectoral allocations during the past one and half years as plan expenditure has gone up by up to 30 per cent in some of schemes (flagship).
All members of the commission attended the meeting, including Saumitra Chaudhuri, Narendra Jadhav, Abhijit Sen, Syeda Hameed, Mihir Shah and B K Chaturvedi.
The members of the commission have also been told to seek assistance and inputs of various agencies for the review as its main purpose is to prioritise programmes for the next Budget.
The members are also directed that non-government stakeholders' view should be taken into account while working out the mid-term appraisal.
