India's GDP To Grow 7.2% This Fiscal - PM Panel

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India's GDP is likely to grow by over 7.2 percent in the current fiscal year before accelerating to 8.2 percent in 2010-11, Prime Minister's Economic Advisory Council chairman C Rangarajan said at a press conference Friday. In 2011-12, the growth rate could be 9 percent as the council expects a bounce back in agricultural growth.

"We are making an initial estimate that the economy would grow by 8.2 percent in 2010-11 and by 9 percent in 2011-12," Rangarajan said, releasing the economic outlook.

Friday's projection is higher than the 6.5 percent the PMEAC had forecast in October. Ahead of next week's budget, he also suggested that the government should initiate fiscal consolidation measures in the forthcoming budget as the current level of fiscal and revenue deficits are unsustainable.

(Market News Provided by RTTNews)