The Planning Commission will conduct the mid-term review of the 12th Five Year Plan by the end of 2014, for which the preparatory work has started already, Ahluwalia said.
"The 12th Plan has set a target of 8 percent growth over the five year period 2012-13 to 2016-17. With a growth of only 5 percent in the first year and perhaps 6.5 percent in the second, it will require a very sharp acceleration in the later years to achieve an average of 8 percent over the entire Plan period," the Commission said in its 12th Plan document.
The Indian economy grew at over 9 percent for five years before 2008, a period during which global economy was booming.
In one of its major thrusts to fuel economic growth and promote economic activity, the government cleared docks to get going big infrastructure projects by setting up the Cabinet Committee on Investment to deal with situations where clearances were unduly delayed.
The Commission in the 12th Plan has also proposed a two pronged strategy to bring the macro economic imbalances under control and to reverse the slowdown, as well as pushing for structural reforms in areas critical for maintaining medium term growth.
However, Ahluwalia, remains optimistic of an economic turnaround in the coming quarters on the back of various measures taken by the government supported by good agricultural production this year.
"I expect to see recovery in the coming quarters. Exactly how much that it will produce, is difficult to predict right now. But we are definitely on a turnaround path," Ahluwalia said.
