The mid-term appraisal of the 12th Five Year Plan (2012-17), which envisages annual economic growth rate of 8 per cent, is scheduled for the current fiscal ending March 31, Parliament was informed today.
"The targets for the Five Year Plan are generally reassessed at the time of mid-term appraisal (MTA). The MTA of the 12th Plan is scheduled to be conducted in 2014-15," Minister of State for Ministry of Planning Rao Inderjit Singh said in a written reply in Lok Sabha today.
He was replying to a question whether the government has reviewed the projected growth rate of the country.
The National Development Council (NDC) had initially projected an average annual growth rate of 9 per cent in the 12th Plan. However, it was revised to 8 per cent on increased economic uncertainty globally as well as domestically, the Minister said.
As against the target of 8 per cent annual growth, the first two years, 2012-13 and 2013-14, of the 12th Plan realised growth rates of 4.5 per cent and 4.7 per cent respectively, he added.
Delay in project completion, muted business sentiment, high inflation, tight monetary policy and deteriorating global economic environment are among the factors adversely affecting economic growth of India, the minister said.
"Make in India campaign has recently been launched for boosting industrial confidence and performance by facilitating investment, fostering innovation, enhancing skill development and protecting intellectual property," Singh said.
He said measures such as FDI in defence, construction and insurance; incentives to real estate investment, setting-up price stabilisation fund to check price volatility in farm produce, provision for long term rural credit, building new airports at tier I and II cities have been introduced to revive growth in manufacturing, infrastructure and agriculture.
