Economic Survey pegs India's growth at 7.6 per cent next fiscal

The Economic Survey for 2011-12 tabled by Finance Minister Pranab Mukherjee in Parliament on Thursday projected a 7.6 per cent growth for the next fiscal beginning April 1.

Inflation, on the other hand, is projected at 6.5-7 per cent by the end of March. "It may further moderate during 2012-13 due to tightening of monetary policy and other measures put in place by the government," the survey said.

The growth in the country's gross domestic product (GDP) during the current fiscal has been pegged at 6.9 per cent. The country's GDP growth had decelerated to 6.1 per cent in third quarter from 6.9 per cent in the second quarter of the current fiscal.

"But despite the low growth figure of 6.9 per cent, India remains one of the fastest growing economies of the world as all major countries including the fast growing emerging economies are seeing a significant slowdown."

According to the survey, industrial production is likely to improve in the next financial year.