Economic Survey: FY12 growth pegged at 6.9 pc

New Delhi, Mar.15 (ANI): The Economic Survey has maintained that for the year 2012, GDP growth will be pegged at 6.8 per cent, while growth for the year 2013, is expected to be pegged at 7.6 per cent.

The survey also reveals that GDP growth for the year 2014 will be pegged at 8.6 per cent.

The survey projects the inflation rate for the year 2013 (till March) at 6.5 to 7 per cent.

According to sources, the economic survey also recommends a fixed subsidy on per litre of diesel sold.

According to the survey, states' fiscal consolidated was on track. FY12 industrial growth was pegged at 4 to 5 per cent.

The Economic Survey was tabled in Parliament by Finance Minister Pranab Mukherjee on Thursday.

The survey states that the inflation is showing a clear sign of moderation.

The survey says the FY12 fiscal slippage is due to oil spurt and low revenue growth and high crude oil price key risk to growth.

The committe has however called for rapid fiscal consolidation measures for a quicker control of inflation. It remains to be seen how this is going to be done, considering the RBI has kept rates unchanged and currency climate is not really at its best.

Among sectors, agricultural and services sectors performed well, but industrial sector has retreated to a 27 per cent share of GDP. Overall growth during April-December 2011 reached 3.6 per cent compared to 8.3 per cent in the corresponding period of the previous year. (ANI)