Planning Commission lowers 11th plan growth target to 8 per cent

India's targeted growth for the 11th Five Year Plan (2007-12) may fall short of the earlier projected figure of 9 per cent impacted by the slowdown in the past two years, the mid term review by the Planning Commission said today.

''The average rate of growth in the plan period could be a little over 8 per cent," said the appraisal document released at the meeting, which was chaired by Prime Minister Manmohan Singh.

''The economy would be well positioned for the transition to a growth rate higher than 9 per cent in the 12th Plan period," added the document.

Other high profile members who attended meeting include Finance Minister Pranab Mukherjee, Agriculture Minister Sharad Pawar, Road Transport and Highways Minister Kamal Nath, Power Minister Sushil Kumar Shinde and Planning Commission Deputy Chairman Montek Singh Ahluwalia.

Addressing the conference Manmohan Singh said that return to high economic growth should not be taken for granted, as the global environment is likely to remain difficult in the year ahead.

"Our strengths can help us return to 9 per cent growth trajectory by 2011-12. However, as the mid-term appraisal rightly emphasises, restoration of high growth should not be taken for granted," PTI quoted Singh as saying.