The Planning Commission is likely to cut the annual average economic growth rate target of eight per cent for the 12th Plan (2012-17) to around six to 6.5 per cent in its mid-term review of the five-year policy document.
"It would be difficult to achieve the eight per cent average economic growth in the 12th Plan period in view of slowdown. It is quite possible the Commission will cut the target substantially to around six per cent," an official said.
In line with the practice, the Commission comes out with a mid-term review during the third financial year of the policy period. In its previous mid-term review, the Commission had cut the annual average growth rate target of nine per cent to 8.2 per cent for the 11th five-year Plan period (2007-12). But only eight per cent average annual economic growth was achieved in the 11th Plan.
