<p>“I don’t think so...We never felt that this year was going to be a big growth year,” Planning Commission Deputy Chairman Montek Singh Ahluwalia said when asked if India could achieve over 8 per cent GDP growth during 2011-12.<br /><br />India’s economic growth rate moderated to 7.7 per cent in the first quarter of the 2011-12 compared to 8.8 per cent the same period last fiscal. This was the lowest growth in the last six quarters.<br /><br />The Planning Commission has earlier pegged the GDP growth for 2011-12 at 8-8.3 per cent.<br />The government has projected a growth rate of 8.5 per cent, while the Reserve Bank of India came out more conservative estimate of 8 per cent.<br /><br />The economy expanded by 8.5 per cent in 2010-11.<br /><br />Ahluwalia said what is more important than achieving 8 per cent growth is “how we get out of the slowdown (and move to) higher growth path”.<br /><br />On the positive side, the Planning Commission Deputy Chief said that the situation could improve with a pick up in the growth in the remaining part of the fiscal.<br /><br />In the recent full Planning Commission meeting headed by Prime Minister Manmohan Singh, the panel has decided to aim for 9 per cent annual average economic growth in the 12th Five Year Plan (2012-17).<br /><br />The Commission had scaled down the annual average GDP growth target in the current Plan from 9 per cent to 8.2 per cent last year in view of global economic downturn. <br /></p>
<p>“I don’t think so...We never felt that this year was going to be a big growth year,” Planning Commission Deputy Chairman Montek Singh Ahluwalia said when asked if India could achieve over 8 per cent GDP growth during 2011-12.<br /><br />India’s economic growth rate moderated to 7.7 per cent in the first quarter of the 2011-12 compared to 8.8 per cent the same period last fiscal. This was the lowest growth in the last six quarters.<br /><br />The Planning Commission has earlier pegged the GDP growth for 2011-12 at 8-8.3 per cent.<br />The government has projected a growth rate of 8.5 per cent, while the Reserve Bank of India came out more conservative estimate of 8 per cent.<br /><br />The economy expanded by 8.5 per cent in 2010-11.<br /><br />Ahluwalia said what is more important than achieving 8 per cent growth is “how we get out of the slowdown (and move to) higher growth path”.<br /><br />On the positive side, the Planning Commission Deputy Chief said that the situation could improve with a pick up in the growth in the remaining part of the fiscal.<br /><br />In the recent full Planning Commission meeting headed by Prime Minister Manmohan Singh, the panel has decided to aim for 9 per cent annual average economic growth in the 12th Five Year Plan (2012-17).<br /><br />The Commission had scaled down the annual average GDP growth target in the current Plan from 9 per cent to 8.2 per cent last year in view of global economic downturn. <br /></p>