Prime Minister’s economic Advisory Council (PMEAC) has forecasted the economic growth rate for the financial year 2011-12 to 7.1% against the central Government projection of 6.9%.
The panel sees the economy to grow at 7.5 to 8% in the next fiscal year that ends on March 2013. The number may increase if the global economic scenario turns favorable.
On the occasion of Economy Review of 2011-12, the Chairman of PMEAC has highlighted the following points. Current account deficit will grow at 3% of GDP in 2011-12, Inflation is anticipated to ease to 5-6% in next fiscal, Farm Sector growth is likely to be 3% in 2011-12, and mining sector growth will record negative growth in FY12.
The panel wants adjustments for the petrol prices in order to reduce subsidy burden of Government. Inflation for the current fiscal year is projected to be at 6.5%
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