Indian economy facing tough times, Inflation should be brought under control: PMEAC

SME News, Tuesday, Oct 09, 2012 11:38:07 AM IST

PMEAC predicts 3% farm sector growth for FY12

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KARAIKUDI: Agreeing that Indian economy is witnessing tough times, Prime Minister's Economic Advisor C Rangarajan stated that Centre is adopting steps to bring changes in it.

He said that the India needs to urgently check inflation and also bring stability in Centre's revenue. This statement came at the convocation of the Alagappa University here. The need for raising coal output and a robust economic policy.

While throwing light on the economic crisis in 1991 lead to new economic policy, he added, “The present economic growth is only due to the new economic policy,as it removed all the hurdles in the way of economic growth.”

The ratio of contribution of Centre and private sector has been redrafted. From 1992-93, the annual economic growth was at 6.9%. Despite the economic meltdown, economic growth reached 8.4% in FY10.

Although the agricultural sector sector has been good during FY12, the output is poor as investment in the farm sector has been low.

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