The president, however, asserted that the system will not be a substitute for public services and will be complementary to the public distribution system.
"The average annual growth rate of GDP in the 11th Plan, which concluded last year, was 8 percent. A notable feature of the Plan was the progress towards achieving inclusiveness with a faster decline in poverty than in the previous decade," Mukherjee said.
"The National Development Council has adopted the 12th Five Year Plan, which further sharpens the focus on faster, more inclusive and sustainable growth.
"The 12th Plan recognizes that growth outcomes will depend upon the extent to which we are able to take some difficult decisions.
"The Indian economy is currently experiencing slower growth. Real GDP grew by 5.4 percent in the first half of the current fiscal year.
"This is significantly lower than the average of around 8 percent in the last decade," the president said.
