Planning Commission - Annual Report 1992-93

Abstract

The Eighth Five Year Plan was launched on 1st April, 1992, against the backdrop of a series of measures to correct the fiscal/structural imbalances prevailing in the economy. The projected growth rate of 5.6 percent per annum during 8th Plan was endorsed by the National Development Council (NDC) in December, 1991 with a number of other macro economic parameters like saving ratio of21 .6 percent and current account deficit of 1.6 per cent. It is envisaged to reduce Government's dissavings to an average of 1.1 percent of GDP in the Eighth Plan period from a level of 2.3 per cent in 1991-92. With the compulsion of keeping the fiscal deficit at a particular level, the budgetary support in Eighth Plan has been reduced to 43.4 percent of the outlay from a level of 55.2 per cent in the 7th Plan.