August 3, 2012 4:52 PM

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Deficient monsoon to pull down economic growth: Planning Commission

The Planning Commission has said that deficient monsoon is likely to pull down the economic growth in the current fiscal to about six per cent, from 6.5 per cent a year ago,Talking to reporters in New Delhi,Planning Commission Deputy Chairman Montek Singh Ahluwalia told that in case of 12th Five-Year Plan (2012-17), the annual average economic growth could be around 8.2 per cent as against the earlier estimate of 9 per cent envisaged in the Approach Paper to the policy document.

As regards 2012-13, the Reserve Bank has recently lowered the growth projection to 6.5 per cent from 7.3 per cent in the wake of deficient monsoon and global economic problems.

On whether special schemes were needed to tide over the drought like situation, Mr. Ahluwalia said these are all issues that state governments have to tackle. They are usually very keen to take corrective measures .

He further said that rural employment guarantee scheme MNREGA can deal with the problem of unemployment in rural areas.

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