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Montek upbeat on GDP growth in 12th plan period
CHENNAI: The Indian economy will enter the Twelfth Plan period in an environment of great promise, but the next five years will al..
CHENNAI: The Indian economy will enter the Twelfth Plan period in an environment of great promise, but the next five years will also be a period of major challenges. Indeed, the economy has done well on the growth front during the Eleventh Plan, but, going by the information that is at least currently available, not so well on inclusive growth, said Montek Singh Ahluwalia, Deputy Chairman of the Planning Commission.
Making his first IOB Platinum Jubilee Commemoration Oration on 'Twelfth Five Year Plan Gateway to a Defining Decade' here on Saturday, he said, "Much of what needs to be done to accelerate GDP growth during the Twelfth Plan will be done by the private sector, but the Central and State governments have a crucial role to play in providing a policy environment that is seen as investorfriendly and is supportive of inclusive growth.''
He enumerated four critical challenges facing the economy in the Twelfth Plan, which appeared to be more serious than they were at the start of the Eleventh Plan. They are managing the energy situation, managing the water economy, addressing the problems posed by the urban transformation that is likely to occur and ensuring protection of the environment in a manner that can facilitate rapid growth.
"For two decades in the 1960s and 1970s, India's GDP growth rate averaged only 3.5 per cent per year at a time when other developing countries were growing much faster.
The 1980s saw the beginning of a reorientation of policies to achieve higher growth and indeed the growth accelerated to 5.6 per cent in that decade. The reforms in 1991 changed the face of the country, all because of the wider play of market forces .''
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