NDA pledges 8-10% growth for next 5 yrs

National Democratic Alliance on Thursday hit back at critics for forecasting a slowdown in high economic growth and said it was not only sustainable but could also clock even 10 per cent if they were voted back to power.

"Our goal is 8-10 per cent growth rate on a sustainable basis over the next five years with eradication of poverty by 2015," National Democratic Alliance said in its 'Agenda for Development, Good Governance and Peace', released in New Delhi.

Unveiling a seven-pronged strategy to make India an economic superpower, the agenda said an annual 8-10 per cent growth was achievable and "clearly five-yearly milestone for economic growth and social development will be set for each state and district."

The V S Vyas Committee on flow of credit to agriculture and related activities has met representatives of banks, cooperatives, NGOs in 15 states.

"On the basis of these deliberations, the committee is planning to release its interim report shortly covering issues like interest rate on agri credit, NPA (non-performing assets) norms on agri financing, outreach in the context of service area approach and micro finance," Reddy said.

He said the panel was also looking at institutional and structural aspects of Nabard and regional rural banks, and the operation of the Lok Nayak Jaiprakash Fund.

Another committee for SMEs, under A S Ganguly, was looking into the aspects of credit flow to medium-sized companies, Reddy said.

Sidbi, the nodal bank for SMEs, has recently proposed that companies with capital investment upto Rs 10 crore (Rs 100 million) should be included under the ambit of the SME sector.

The bank will approach RBI for approving the proposal so that Sidbi can start funding them along with smaller companies with plant and machinery worth upto Rs 3 crore (Rs 30 million).