The Planning Commission will pitch for lowering the average annual growth rate for the 12th Five Year Plan to 8 per cent, from 8.2 per cent at the meeting of the National Development Council (NDC) in New Delhi today. Briefing reporters in New Delhi, Planning Commission Deputy Chairman Montek Singh Ahluwalia said, the issue will be raised in the NDC as it is more realistic owing to the Eurozone crisis and expected slow growth in Japan, the US and other major economies.

Mr. Ahluwalia also said, the Planning Commission expects a significant reduction in fiscal deficit to achieve the expected growth rate for the economy. He said the Backward Region Grant Fund will continue in the 12th plan period. He also said, the impact of the Direct Cash Transfer scheme will be beneficial as it will avoid duplication and prevent leakages in the transfer of subsidies.