The Indian economy is not likely to return to the high growth trajectory registering an average growth rate of 9 per cent until the next five years, according to Planning Commission deputy chairman Montek Singh Ahluwalia.

He predicted a gloomy scenario for the present, 12th five year plan from 2012 to 2017. Ahluwalia has said that an average growth rate of 9 per cent for the Indian economy is not possible in the next five years due to continuing uncertainties in the global economy.

He says that the economy might record a growth rate of between 8-8.5 per cent but an average of 9 per cent is not possible. The Planning Commission had received an approval from the National Development Council (NDC) for the target of an average growth of 9 per cent during the 12th Plan under the Approach document. The NDC is headed by the Prime Minister with all the chief ministers and Cabinet Ministers.

"I am hopeful that the Planning Commission would have approved the 12th Plan in the second half of August. Then it will go to the Cabinet," Ahluwalia said.

Meanwhile he also said that he expects the inflation to be not more than 5 per cent during the five year planning cycle.