Highlights of the Review of the Economy 2011-12
22 Feb 2012
The following are the highlights of the 'Review of the Economy 2011-12' (See: PMEAC projects current fiscal GDP growth at 7.1 per cent) released by Dr C Rangarajan, chairman of the Prime Minister's Economic Advisory Council, at a press conference in New Delhi on Wednesday, 22 February:
* The rate of growth in 2011-12 is estimated at 7.1 per cent, marginally higher than the Plan panel projection of 6.9 per cent.
* Investment activity slowed down, with gross fixed capital formation (GFCF) for 2011-12 slipping to 29.3 per cent, a decline of almost 4 percentage points over the last four years.
* Global economic and financial conditions likely to remain under pressure during the year.
* Overall farm sector GDP growth for 2011-12 will average 3 per cent.
* Mining and quarrying sector likely to report negative growth on account of weak coal output growth, restrictions imposed on iron ore production, decline in natural gas production and negative growth in crude oil output.
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