Montek Singh Ahluwalia, deputy chairman, Planning Commission today said the current upswing in the economy, which is showing signs of overheating, is unlikely to continue in the long- term, while attributing pressure on prices to high growth rate. "There are signs of overheating in the economy and the 9% economic growth is putting pressure on inflation," Ahluwalia said after a meeting between a group of ministers and Left party leaders on FDI limit in insurance sector. "Inflation has been brought under control as the government has taken several fiscal and monetary measures," he said, adding that the current upswing in the growth rate is unlikely to sustain for all times to come. When asked whether the Planning Commission would review the growth target of 9%, given in the approach paper for the 11th Five Year plan, he said measures to curb surging inflation may put pressure on high growth initially, but on an average the targets would be maintained. The approach paper, which was approved by the National Development Council in December last year, has set a target of 9% average growth rate in the 11th plan (2007-12) with the terminal year targeted to witness 10% growth.
