constituted - of Planning Commission

10 per cent in the first year and reach a peak of 25 per cent in the terminal year.This given the assumptions on nominal GDP growth (of 14.5 per cent) and themandated fiscal deficit targets as per the MTFPS is based on the growth of 14.1Fig.3:Plan and Non-plan Expenditureper cent in Net Tax Revenues and 15 per cent in Non-Plan RevenueExpenditure in AAGR terms. As a proportion of GDP, GBS would initially fallto 4.7 per cent and later pick up to 5.7 per cent of GDP with Balance fromCurrent Revenues driving the growth in the later part of the Plan period. Giventhat nominal GDP is likely to be higher than estimated at the BE stage, theremight be further corrections when Advance Estimates for the same are releasedin February 2012. The summary of the projections are detailed below (Table1.2).The projections given below are based on a number of assumptions driving thekey variables and detailed in subsequent Chapters. These may not turn out inthe same sequence and same measure as per projections in view of the risks thatare clouding the macroeconomic environment in the current conjecture. TheWorking Group Report on Centre’s Financial ResourcesPage-9