ISLAMABAD - The National Economic Council (NEC) would meet on May 28 in order to give final approval to the developmental budget of Rs 710 billion for Federal as well as for provinces for the upcoming financial year and it would also give approval to the Annual Plan 2011-2012. Prime Minister Syed Yousuf Raza Gilani would chair the meeting on May 28 which would also finalise the developmental budget of Rs 710 billion including Rs 280 billion for Federal and Rs 430 billion for provinces for the upcoming financial year 2011-2012. The Annual Plan Coordination Committee (APCC) has already recommended the developmental budget to the NEC for final approval. Secretary Planning Commission, Sohail Ahmad also confirmed to The Nation that National Economic Council would meet on May 28. The meeting was earlier scheduled to meet on May 21, however, later it was deferred, as the government decided to delay the announcement of annual budget 2011-2012 for at least one week. The budget would now be presented on June 3 in the Parliament. Meanwhile, the NEC would also consider Annual Plan 2011-2012 for approval, which is already recommended by the APCC in its meeting held on May 13. According to the Annual Plan, the government has targeted the GDP growth at 4.2 per cent for the coming fiscal year. The inflation is targeted at 13 per cent as against expected CPI inflation of above 15 per cent in 2010-11, the exports are targeted at $ 25.8 billion, imports at $ 38.1 billion and trade deficit at $ 12.2 billion for the upcoming fiscal year, the Annual Plan revealed which would be presented in NEC for approval. Meanwhile, the agricultural growth target is set at 3.4 per cent with contribution of major crops three per cent, minor crops two per cent, livestock four per cent, fishery two per cent and forestry negative one per cent for the coming financial year. According to the plan, the industrial sectors growth is expected to grow at 3.1 per cent with projected contributions of mining at one per cent, manufacturing 3.7 per cent, construction, 2.5 per cent and electricity, gas and water supply one per cent. Meanwhile, the service sector is projected to grow by 5.1 per cent with contribution of transport storage and communication 4.8 per cent, wholesale and retail trade 5.2 per cent and finance and insurance 0.2 per cent.