Govt approves 12th Plan approach paper; pegs 9% growth

he Government has approved the Approach Paper for the 12th Plan (2012-17) which seeks to raise annual economic growth rate to 9 per cent during the five-year period, up from 8.2 per cent estimated in the current Plan. 

The Approach Paper would be placed before the National Development Council (NDC) for final approval on October 15 or 16, Information and Broadcasting Minister Ambika Soni told reporters after a meeting of the Union Cabinet.

The NDC, the highest policy-making body of the country, is headed by the Prime Minister and its members include Union Ministers, members of Planning Commission, and Chief Ministers of all states.

The Approach Paper, which provides a broad framework of the government policy to be pursued in the five-year plan period to achieve the desired growth rate, was cleared by the full Planning Commission, headed by Prime Minister Manmohan Singh, on 20^th August.

Centre hikes Dearness Allowance for employees by 7 pc

Ahead of the festival season, the government on Thursday announced a seven per cent hike in the Dearness Allowance of its employees.

The decision to increase the Dearness Allowance (DA) for five million Central government employees and Dearness Relief (DR) for about four million pensioners was taken by the Union Cabinet.

The pay hike would be applicable from 1^st July. The DA for the government employees would increase from 51 per cent of the basic salary to 58 per cent.

The hike in DA and DR would cost the exchequer annually Rs 7,229 crore, while for the remaining period of the current fiscal the implication would be Rs 4,819 crore, Information and Broadcasting Minister Ambika Soni told reporters.