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Finance Minister welcomes revised growth rate target in 12th plan | | Union Finance Minister P Chidambaram on Saturday
said the revised growth rate target envisaged in the 12th five-year Plan is a realistic assumption compared to the growth rate during the previous plan periods. Addressing the 12th full Planning Commission meet here, Chidambaram said: "I welcome the growth rate target of 8.2 percent envisaged for the 12th Plan. The present target is a realistic assumption given that in the 10th Plan we achieved
a GDP growth rate of 7.6 per cent and in the 11th Plan the achievement has been
7.9 percent." He said the gross budgetary support during the entire 12th Plan
period has been estimated at Rs.35.68 lakh crores which works out to 5.23 per
cent of GDP over the 5 year period. "The GBS realized over the 11th Plan period
was only 4.69 per cent of GDP. The assumptions of tax to GDP ratio seem to be
highly optimistic. The Internal and Extra Budgetary Resources (IEBR) of the CPSUs
has been estimated at Rs.20.59 lakh crores making the total resources available
for the Central Plan at Rs.47.70 lakh crores. Higher IEBR would be required to
meet the shortfall, if any, in the GBS," he added. Chidambaram further urged the
government that the three major subsidies be rolled out across the country by
the end of 12th plan through direct cash transfer to the beneficiaries. "I would
urge that by the end of the 12th Plan, these three major subsidies be rolled out
across the country through direct cash transfers to the beneficiaries. Pilot projects
are already under implementation for LPG and kerosene and it is our intention
to extend the direct transfer mechanism to the UTs in the first phase," he said
Chidambaram said the main reason behind less actual growth rate than the targeted
one in each plan period was the failure to achieve physical targets. "We must
keep in mind that outcomes must be measured not only in terms of achieving the
financial outlays but also achieving the physical targets. The main reason why
actual growth rate in each Plan period was less than the targeted growth rate
was the failure to achieve physical targets. Let me illustrate by taking the targets
set and the targets achieved in the 11th Plan period," he added. |
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