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India's economy to grow between 7 to 7.75 percent in current fiscal: Rangarajan | The Prime Minister's Economic Advisory Committee
(PMEAC) chairman, C Rangarajan, said here on Tuesday that country's economy will grow between 7 to 7.75 percent during the current fiscal despite poor performance
of the agriculture sector on account of drought and floods. Addressing the students
of College of Defence Management here, Rangarajan said: "The economy will grow
between 7 and 7.5 percent overall but agricultural growth may fall by 1 to 2 percent."
Highlighting food inflation as a major concern, he said: "Agricultural growth
rate should not fall below four percent for food security as 60 percent of the
population are in rural areas." Though the country's economy did well during the
second quarter by recording a growth of 7.9 percent, the agriculture and allied
sector output slipped to below one percent. Mentioning the impact of widespread
drought and devastating floods on the farm sector, Rangarajan said: "Rice output
might decline by 13 million tonnes." However he expressed hope, that the rabi
crop would help in covering the shortfall of kharif. |
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