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Economic growth rate estimated at 7.1 percent: Review of Economy 2011-12

New Delhi , Wed, 22 Feb 2012 ANI

New Delhi, Feb 22 (ANI): The Review of Economy 2011-12 projected the rate of growth in 2011-12 at 7.1 percent, which was marginally higher than the projection of 6.9 percent as per the Advance Estimates (AE).


Dr. C. Rangarajan, Chairman, Economic Advisory Council to the Prime Minister here on Wednesday released the document 'Review of the Economy 2011-12' at a press conference highlighting the performance of Indian economy in the present financial year.


The council has also projected a higher growth for agriculture and construction.


The report has shown faith in the service sector, which is the largest contributor to India's GDP, with 9.6 per cent growth in the first half of 2011/12 and expects it will continue to be strong in the second half and will close the year with growth of 9.4 per cent, slightly less than in the first half.


The average GDP growth rate reported in the review for the farm sector in the first half of 2011/12 is 3.7 per cent. The council expects that in combination with the strong trend growth in horticulture and in the animal husbandry sectors, the overall farm sector GDP growth for 2011/12 will average three per cent.


The decline of the rupee vis-a-vis the US dollar has been registered to be 19 per cent in the course of April-December 2011. Although, the review has mentioned some recovery in the course of January and February 2012, with the rupee recovering about 7.5 per cent.


The headline rate dropped to 9.1 per cent in November and further to 7.5 per cent in December and has dropped further in January 2012 to 6.55 per cent. The welcome developments in the easing of inflationary pressures will enable the RBI to adjust its monetary stance over the next several months.


The economy review has made estimates for the upcoming 2012-13 financial year with inflationary pressure to continue to ease through 2012/13 and to remain around 5-6 per cent for the year.


Weaker currency is likely to improve the prospects for net export demand. (ANI)


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