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.
by RTT Staff Writer
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