Chennai, Aug 7 (PTI) Inflation, which has crossed the psychological 12 per cent level, would come down to 5-6 per cent in the next one year while the economy is expected to grow at nine per cent, a Finance Ministry official said today.
"In the next 12 months, inflation, which is at 12.01 per cent now, may be expected to come down to 5 to 6 per cent," Chief Economic Adviser Arvind Virmani told reporters on the sidelines of a CII meet on the state of Indian Economy here.
Measures taken by the government would control the price rise, he said.
Virmani expressed confidence that the country's GDP growth would also increase to a considerable level as per the 11th Five Year Plan. "Currently it is prevailing between 8-8.9 per cent but I am absolutely confident of 9 per cent growth." Replying to a query, he said media was focusing only on the expenditure of the country than the income generated.
"When the country makes huge expenses, media projects the expenditure but what about the income. I do accept that in some areas the expenses do affect, but the income in the form of investments has also increased," he said.
The country's growth has accelerated in last five years on account of the investment made while the consumption growth remained robust, Virmani said.
"The telecom, construction and manufacturing sector were the major contributors for the growth,"
Press trust of India
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