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Indian economy is likely to grow by 8.6 per cent this fiscal, Dr C. Rangarajan, Chairman of the Prime Minister's Economic Advisory Council, said here today.
“I agree with the CSO's advance estimate of 8.6 per cent. The latest trends indicate we will grow by 8.6 per cent this fiscal,” Dr Rangarajan told reporters here.
He also said that current account deficit as a percentage of GDP is likely to be close to 3 per cent.
It will be much lower than the 3.7 per cent estimated in certain quarters, he said.
Dr Rangarajan also said that he expects the fiscal deficit performance to be much better than what was projected in Budget 2010-11.
The Centre had pegged the fiscal deficit estimate at 5.5 per cent of GDP for 10-11.
Capital flows, inflation
On capital flows, Dr Rangarajan said that he expects the capital flows to be more or less of the same order as projected by the PMEAC.
On inflation, the PMEAC Chairman said that so long as inflation continues to remain at an uncomfortably high level, perhaps the RBI will continue to follow its policy of tightening (monetary tightening).
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