New Delhi: Poor performance of the economy during 2013 derailed Planning Commission's ambitious growth target of 8 percent for the 12th Plan, which the nation's official think-tank will revise downwards in the new year as part of its mid-term review exercise.
Attributing lower-than-expected growth to global factors, Planning Commission Deputy Chairman Montek Singh Ahluwalia said 12th Plan's growth target could be lowered to around 7.5 percent.
"In the 12th Plan for the first time, upper-end performance was going to be around 8 percent average in a year but since then global economy has done much worse.
"So, today 8 percent is bit on the high side. The possibility for next five years I feel is 7.5 percent which is not impossible," Planning Commission Deputy Chairman Montek Singh Ahluwalia said.
During the first year of the 12th Plan, India's economy grew by only 5 percent, the slowest in a decade.
In the first half (April-September) of the current fiscal FY2013-14, the economy grew by just 4.6 percent.
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