India's economy is likely to grow 6.7 percent during 2012-13, less than the previous forecast of 7.5-8 percent, Chakravarthy Rangarajan, chairman of Economic Advisory Council to the Prime Minister said.
According to the 'Economic Outlook 2012-13', the manufacturing sector will expand 4.5 percent. Due to the impact of weak monsoon on agriculture, farm sector is projected to grow just 0.5 percent in 2012/13.
The mining sector for the year as a whole is expected to grow at 4.4 percent due to growth in the coal and lignite sector.
Inflation rate is expected to be within the range of 6.5 to 7 percent at the end of 2012-13, the report said. The deficient south west monsoon is likely to have an adverse impact on food prices.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.