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Economy to grow by 8.6% this fiscal: PM’s advisor
Published on 22 Feb. 2011 1:09 AM IST
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India’s economy was likely to grow by 8.6 percent in 2010-11 on the back of robust agricultural growth, rising output in services sector and stable industrial production, the chairman of the prime minister’s economic council said Monday.
“The overall growth rate of 8.6 percent is likely to be achieved,” said C. Rangarajan, chairman of the economic advisory council to the prime minister while releasing the Review of the Economy in 2010-11.
The central statistical organisation had recently indicated in its advance growth estimates that the country’s gross domestic product could grow by 8.6 percent.
“Agriculture has done well this year. But you will also recognise the fact that the strong growth rate in agriculture of 5 percent plus comes on top of somewhat poor agricultural performance in the two previous years.”
Rangarajan. however. said that a dip in manufacturing output in the November and December indicated that growth in the sector could be flat in the last quarter of the current fiscal, resulting in a dampening effect on the economy.
The former Reserve Bank of India governor said industry on a whole could grow by 8.1 percent, and pegged manufacturing output at 8.8 percent for the current fiscal.

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