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: Rangarajan Expects Indian Economy To Pick Up (RTTNews) - Chairman of Prime Minister's Economic Advisory Council C. Rangarajan said the Indian economy was expected to pick up next year on the back of a robust industrial growth rate in the second half of this fiscal. Delivering the Burgula Ramakrishna Rao Endowment Lecture at Hyderabad on Thursday, he said the growth rate of the country was expected to be 6.5% at the end of this fiscal, with possibly 7% to 8% next year. The retired Governor of the Reserve Bank of India, however, indicated that India would reach the 9% growth level, when the world economy recovered from recession and the world trade picked up. He praised the extraordinary measures taken by the Central government to offset events of the financial collapse in the developed West. However, these measures would have to be slowly withdrawn depending on how fast the world economy recovered. A major concern for policy-makers in the country this year was the substantial increase in food prices. Rice, pulses and sugar witnessed sharp rise in prices as also a weak monsoon and deficient prospects for kharif production aggravated matters. A comforting feature, however, was India had 44 million tonnes of foodgrains in stock by September-end, including 15 million tonnes of rice. |
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