Nine is necessary

The Planning Commission has finally set a growth target of nine per cent per annum for the 12th Five-Year Plan (2012-17). When the same target was set for the 11th Plan (2007-12), not only was there great optimism that the target would be attained, but it was also felt that India would be poised by the end of the 11th Plan for a double-digit growth target in the 12th Plan. The optimism of 2007 was based on the impressive nine per cent growth performance during the period 2003-07 and a sanguine view of the global environment. Prime Minister Manmohan Singh had then said famously, “The world wants India to do well, our challenges are mainly at home.”

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