BANKING AFFAIRS

Detailed explanation-1: -The 12th five year plan (2012-2017) was the last five year plan of India . The Planning commission was abolished by the Government i 2014 and NITI Aayog was established instead of that. In the approach paper to the 12th five year plan, the target for the GDP growth rate was set at 9%.

Detailed explanation-2: -The slogan of the Twelfth Plan is “Faster, More Sustainable, and More Inclusive Growth.” The Twelfth Five-Year Plan of the Government of India was expected to reach a growth rate of 9%, however on December 27, 2012, the National Development Council (NDC) agreed to an 8% growth rate for the Twelfth Plan.

Detailed explanation-3: -Twelfth Plan (2012–2017) The Twelfth Five-Year Plan of the Government of India has been decided to achieve a growth rate of 9% but the National Development Council (NDC) on 27 December 2012 approved a growth rate of 8% for the Twelfth Plan.

Detailed explanation-4: -12th Five Year Plan of the Government of India (2012–17) was India’s last Five Year Plan. With the deteriorating global situation, the Deputy Chairman of the Planning Commission Mr Montek Singh Ahluwalia has said that achieving an average growth rate of 8 per cent in the next five years is not possible.

Detailed explanation-5: -Twelfth Five Year Plan (2012-2017) was launched with the objective of faster, sustainable and more inclusive growth. It aimed to increase the GDP at a faster pace such that each strata of the society is a part of and contributed to the growth and hence foster an environment of inclusive growth which is sustainable.