The meeting, which has been called by Prime Minister Manmohan Singh, will also vet various other social sector targets relating to poverty alleviation, infant mortality, enrollment ratio and job creation.
Besides other things, the 12th Plan seeks to achieve 4 per cent agriculture sector growth during the Plan period. The growth target for manufacturing sector has been pegged at 10 per cent.
The total plan size has been proposed at Rs 47.7 lakh crore, 135 per cent more that the investments realised in the 11th Plan (2007-12).
The meeting will be attended by regular Planning Commission members and key cabinet ministers.
Once the document is approved by the full Plan panel, it will be vetted by the Union Cabinet and then placed before the National Development Council (NDC), the apex decision making body, for final approval.
In view of the ongoing global problems, the average annual growth target for the 12th Plan has been scaled down at 8.2 per cent from 9 per cent envisaged in the Approach Paper to the 12th Plan.
As regards poverty alleviation, the Commission proposed to bring down the poverty ratio by 10 percentage points during the Plan period. At present the poverty is around 30 per cent of the population.
As per the document, states will be encouraged to set their own economic growth and social sector targets.
The Commission has also proposed generation of five crore new jobs during the five year period in the non-farm sectors.
With regard to education, the draft document said, efforts would be made to create 20 lakh additional seats in higher education and eliminate gender and social gaps in school enrollment.
The document proposes to achieve infant mortality rate to 25 and maternal mortality ratio to one per 1,000 live births by end of the Plan period.
It also seeks to increase investment in infrastructure sector to 9 per cent of the GDP by 2016-17.
The other monitorable targets include reduction of aggregate technical and commercial losses in power sector to 20 per cent and electrification of all village during the five year policy period.
The document proposes to create additional generation capacity of 30,000 MW in renewable energy segment during the 12th Plan period.
Efforts, it said, will also be made to provide banking services to 90 per cent of Indian household by the end of the 12th Plan period.
As regards exports of goods and services, the commission said, the target would be to increase them to 2 per cent of the Gross Domestic Product (GDP).
Plan Comm pegs outlay for roads at Rs 9.2 lakh cr in 12th Plan
Aimed at sprucing up the country's roads and bridges to bolster economic growth, the Planning Commission has projected Rs 9.2 lakh crore expenditure over the next five years.
"The total investment is projected at Rs 9,02,071 crore during the 12th Plan (2012-17), of which Central and States' investments' will be Rs 3,58,845 crore and Rs 2,66,851 crore respectively," Planning Commission has said in a note.
The Commission is aiming at an annual average economic growth of 8.2 per cent during the Plan.
While the investment from the states and Centre would account for 68 per cent of the total projected investment, the remaining 32 per cent or Rs 2,94,374 crore, it hopes, will come from the private sector.
The total investment in roads and bridges during the 11th Plan stood at Rs 5,16,180 crore, in which the Centre's contribution was 42.85 per cent or Rs 2,21,649 crore.
States had contributed Rs 1,91,517 crore or 37.02 per cent and the remaining 20.13 per cent, valued at Rs 1,03,014 crore came from the private sector.
The Commission expects the central investment to grow at a compounded annual growth rate (CAGR) of 12 per cent during the Plan in view of the ability of National Highways Authority of India (NHAI) to raise market borrowings for national highways.
"The states' investment is expected to grow at a CAGR of nine per cent on account of renewed emphasis in the states to allocate more budgetary resources for state roads," it said.
The investment from the private sector is being expected to grow at a CAGR of 20.8 per cent in central roads and 16.6 per cent in states' roads.
The actual investments during the 10th Plan period stood at Rs 1,52,616 crore on roads and bridges.