New Delhi: Concerned over paucity of resources to step up growth, Prime Minister Manmohan Singh on Thursday called for greater participation of private sector in scaling up economic development in the 12th Five Year Plan (2012-17).
“A critical issue in any Plan is availability of resources... we do know that resources will be a constraint. This underlines the need to focus more on efficiency of resource use, and also supplement public resources with private investment, wherever feasible”, he said in his opening remarks at the meeting of the full Planning Commission here.
Against 8.2% economic growth estimated for the ongoing 11th Plan, the growth target for the next Plan is being envisaged at 9-9.5%.
According to the Planning Commission it would be realistic to aim for a double-digit growth rate in the 12th Plan. “Even 9% will need strong action to solve sectoral problems”, the Plan panel said in a presentation to the meeting on the preparations for the 12th Plan.
The objective of the next Plan, Singh said, should be faster, more inclusive and also sustainable growth.
“For this we need to define new targets...We need to identify the critical areas where existing policies and programmes are not delivering results, and should, therefore, be strengthened or even restructured”, he said.
Singh asked both the Planning Commission and the finance ministry to work out available resources for the 12th Plan consistent with the fiscal viability.