Economy to grow by 9 per cent in 2011-12: PMEAC

Posted By: Pti
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New Delhi, Feb 21 (PTI) The Prime Minister''s EconomicAdvisory Council (PMEAC) expects the economic growth rate tobounce back to the pre-crisis level of 9 per cent during2011-12 on account of strong performance indicators of theindustry and service sectors.

The economy had been growing by over nine per cent beforethe global financial meltdown pulled down the growth rate to6.8 per cent during 2008-09.

However, following the stimulus provided by thegovernment to the industry, the growth rate picked up to 8 percent in 2009-10 and the current fiscal is expected to end with8.6 per cent economic expansion.

"The Council continues to be of the view that it ispossible to achieve growth of 9 per cent in 2011-12, whileslightly refashioning the GDP components", said the ''Review ofthe Economy 2010-11'' released by PMEAC chairman C Rangarajan.

The rebound in the country''s GDP will be supported byhealthy farm sector growth, along with robust performance ofindustry and services, the Review said.

"The farm sector is ... expected to grow by 3 per cent(against 5.4 per cent in 2010-11), the industrial sector by9.2 per cent (8.1 per cent) and the services sector by 10.3per cent (9.6 per cent)", it added.

Indian economy grew by 9.5 per cent in 2005-06, 9.6 percent in 2006-07 and 9.3 per cent in 2007-08.

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