NEW DELHI: In the wake of current global financial crisis and a sharp slump in industrial growth, the Prime Minister`s Economic Advisory Council on Monday said it may have a relook in January at the economic growth rate for this fiscal, pegged at 7.7% by the panel.
"We will take another look at the gross domestic product in January when agriculture figures will be available to us," Prime Minister`s Economic Advisory Council (PMEAC) chairman Suresh Tendulkar said. The panel chairman, however, refused to give any specific figure for possible revision. However, a member of the EAC said the panel`s projection for economic growth this fiscal may be further lowered to 7%.
Tendulkar added that it was due to global happenings that the industrial growth fell sharply to 1.3% in August. He said that it was well expected and the slowdown is expected to remain for some time. He said in December-January, the EAC will have the agriculture performance, figures related to it and the behaviour of inflation, after which the council will take a call on the GDP forecast. Earlier this year in August, the PMEAC had lowered the GDP growth projection to 7.7% during 2008-09 as against an earlier estimate of 8.5% due to global downturn.
14 Oct 2008, 0236 hrs IST,AGENCIES---
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