Feb 22, 2012, 11.46 AM IST | Source: Reuters

GDP expected to grow 7.1% in FY12: Rangarajan

PMEAC expects India's economy is expected to grow an annual 7.1% in the current financial year that ends in March, and 7.5 to 8% in the next financial year.

GDP expected to grow 7.1% in FY12: Rangarajan

India's economy is expected to grow an annual 7.1% in the current financial year that ends in March, and 7.5 to 8% in the next financial year, C Rangarajan, chairman of Prime Minister Manmohan Singh's economic advisory council said.

The economy has lost momentum as euro zone debt woes coupled with high interest rates and policy paralysis at home have hit capital investment.

The government earlier this month cut its economic growth forecast for the current fiscal year to 6.9%, the slowest pace in three years.

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