Govt approves 12th Plan Approach Paper; pegs 9% growth target

The Government on Thursday approved the Approach Paper for the 12th Plan (2012-17) which seeks to raise annual economic growth rate to 9 per cent during the five-year period, up from 8.2 per cent estimated in the current Plan.

The Approach Paper would be placed before the National Development Council (NDC) for final approval on October 15 or 16, Information and Broadcasting Minister Ambika Soni said after a meeting of the Union Cabinet.

The NDC, the highest policy-making body of the country, is headed by the Prime Minister and its members include Union Ministers, members of Planning Commission, and Chief Ministers of all states.

The Approach Paper, which provides a broad framework of the government policy to be pursued in the five-year plan period to achieve the desired growth rate, was cleared by the full Planning Commission, headed by Prime Minister Manmohan Singh, on August 20.