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India's growth rate during the 11th Five Year Plan (2007-12) remained below the target due to domestic factors as well as the uncertain global economic environment, Parliament was informed today.
"Among domestic factors, the tightening of monetary policy between March 2010 and October 2011 in order to control inflation resulted in the slowing down of investment and growth, particularly in the industrial sector," Minister of State of Planning Rajeev Shukla said in a written reply in the Rajya Sabha.
The growth rate during the five year period remained at 8% average annually, against the targeted 9%, he said, adding that infrastructure bottlenecks, especially with large projects also contributed to the slowdown.
Global factors include two world economic crisis, one in 2008 and other in Euro-zone crisis of 2012 resulting in sluggish growth in several industrialised economies, he said.
The 12th Plan (2012-17) has various strategies and steps to achieve the targeted growth rates in different sector, Shukla said.
"The 12th Five Year Plan emphasises that given the limited capacity of the services sector to absorb most of the job seekers, the manufacturing sector will have to provide at least 100 million additional jobs," he said.
The Planning Commission has targeted an annual growth target of 8% for the 12th Five Year Plan.
