Highlights of the PMEAC review
The Prime Minister's economic advisory panel today projected 7.5 - 8% growth rate for the next fiscal and said the country can achieve a higher economic expansion if the global environment turns favourable.
Following are the highlights of the Review of Economy, 2011-12, released by the Chairman of Economic Advisory Council to the Prime Minister, C Rangarajan, today:
- Economy to grow by 7.5 - 8% in 2012-13
- Growth rate estimated at 7.1% in 2011-12
- Inflation to ease to 5-6% in next fiscal
- Keep vigil on food prices, farm output, exchange rate
- Adjustments of petrol prices needed to cut subsidy
- Fiscal deficit a matter of concern, road map required
- Current account deficit to be 3% of GDP
- Global economic condition to remain under pressure
- Farm sector growth likely to be 3% in 2011-12
- Mining to report negative growth in current fiscal