Highlights of Prime Minister’s Economic Advisory Council report
August 1st, 2011 - 2:25 pm ICT by IANSNew Delhi, Aug 1 (IANS) Highlights of the Prime Minister’s Economic Advisory Council report on India’s economy released Monday:
– Country’s growth pegged at 8.2 percent for 2011-12
– Inflation to ease to 6.5 percent only by the end of this fiscal
– Important role for fiscal policy to contain demand pressure
– RBI will follow tight monetary policy till inflation shows definite signs of decline
– Agriculture to grow at 3 percent as monsoon to remain more-or-less normal
– Industry to expand by 7.1 percent, slower than the rate of 7.9 percent last year
– Services to grow at a faster rate of 10 percent
– Global economic and financial situation unlikely to improve
– Important to increase investments if economy is to grow at 9 percent
– Investment rate projected to rise to 36.7 percent in 2011-12
– Current account deficit projected at $54 billion or 2.7 percent of GDP
– Merchandise trade deficit at $154 billion or 7.7 percent of GDP
– Foreign direct investment set to rise to $35 billion in current fiscal
– Foreign institutional investor inflows to slip to $14 billion, less than half of last year
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Tags: agriculture, current account deficit, decline, definite signs, economic advisory council, economy, financial situation, fiscal policy, foreign direct investment, gdp, inflation, institutional investor, investment rate, investments, merchandise trade deficit, monsoon, New Delhi, prime minister, rbi, tight monetary policy