Indian Economy to grow by 7.5 per cent in 2011-12: PMEAC

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The economic growth in the second quarter in this financial year was recorded at 6.9 per cent which seems above the expectations in the current scenario and Indian share market reacted well on it.


The Prime Minister’s Economic Advisory Council (PMEAC) estimates the annual growth for 2011-12 to 7.5 per cent, on back of the good performance registered by the farm sector.

 

Dr C Rangarajan, Chairman, PMEAC, exuded confidence that growth would be better in the next two quarters.


“Performance of the economy in the third and fourth quarters should be better on account of improved performance of agriculture. We will still be able to reach the target of 7.5 per cent (growth) for the fiscal,” Dr Rangarajan said.


The cumulative gross domestic product (GDP) growth in April-September 2011 of the financial year was recorded at 7.3 per cent. The GDP growth was 8.4 per cent in the second quarter of 2010-11. Economic growth in the first quarter of the current fiscal was 7.7 per cent.


The Reserve Bank of India (RBI) has lowered its growth projection for the current fiscal to 7.6 per cent from the earlier estimate of 8 per cent on account of the global slowdown and high domestic inflation.


The target seems achievable as world’s leading economies are also showing signs of recovery from the current slow down.

 

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