Target 9% growth. Riders aplenty

The draft approach paper to the Twelfth Five Year Plan does well to recognise some hard realities that face India’s political economy in the 12th plan period (2012-17). The well-crafted chapter on ‘Macroeconomic Framework’ admits at the very outset that the global crisis of 2008-09, and its aftershocks, has created conditions which are less benign and more uncertain than the macroeconomic environment that prevailed during the Eleventh Five Year Plan.

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