Plan panel for cut in 12th plan annual GDP target to 8.2%

With the Indian economy yet to show any signs of recovery amid global economic slowdown and domestic macroeconomic headwinds, the Planning Commission is learnt to have lowered annual average economic growth rate in the 12th Five-year Plan to 8.2% from 9% envisaged earlier.

According to sources familiar with the development, the issue of the annual GDP target being scaled down to 8.2% is expected to be discu ssed at the meeting of the full Planning Commission on September 15.

Once the full Planning Commission approves the growth target, it would be vetted by the Union Cabinet and then it would be placed before National Development Council (NDC) for final approval.

The panel would aim to achieve GDP growth rate of 9% in the terminal year (2016-17) of the 12th Plan.