On an average, PMEAC said economic growth could be around 6.5 per cent.
The Prime Minister's economic panel said high food inflation reflects lacklustre performance of the farm sector, which together with infrastructure, remains the main bottlenecks to higher growth.
The Indian economy grew at a faster pace of over 8 per cent in two consecutive fiscal before falling to a nine year low of 6.5 per cent in 2011-12.
PM's economic advisors have suggested a hike in petrol and diesel prices to tackle the global crude prices.
Prime Minister's Economic Advisory Council Chairman C Rangarajan on Tuesday called RBI's policy action a "wise decision". The liquidity easing measures will have an impact on interest rates, he said.
The Prime Minister's economic panel on Tuesday said it could revise upward the economic growth forecast to 7 per cent from 6.5 per cent for the current fiscal on the back of robust economic growth in the second quarter.
Wholesale Price Index for the month ended March moderated to 3-year low of 5.96 per cent against Reserve Bank's projection of 6.8 per cent.
Prime Minister's Economic Advisory Council Chairman C Rangarajan on Thursday pitched for a "substantial" increase in prices of diesel and cooking gas, saying failure to take strong steps would derail the fiscal consolidation process.
With high prices remaining a concern, Prime Minister's Economic Advisory Council chairman C Rangarajan on Wednesday said all policy measures, like rate hikes and intervention in grain markets, will be undertaken to bring down inflation to comfort zone of 4-5 per cent.
Asked whether the Budget should start the process of exist, Rangarajan told reporters in New Delhi, "What is required, is a roadmap towards normalisation".
Committee of secretaries is working on the formula and it is understood that EAC is also being asked to go through the formula.
Gold prices had touched the all-time high of Rs 32,975 per ten gms on November 27, 2012.
The Prime Minister's economic panel on Wednesday said the government needs to draw a programme to rein in the fiscal deficit of over six per cent which is not sustainable.
The country's growth rate is expected to pick up in the second half of this fiscal and reach 6.7 per cent for entire 2012-13, Prime Minister's Economic Advisory Council Chairman C Rangarajan said on Monday.
The Food Security Act as proposed by the UPA government assures rice/wheat at Rs 3 a kg to BPL families as a matter of legal right.
Prime Minister Manmohan Singh will be briefed on the state of the economy and the growth outlook by his economic advisory council on Friday.
The paper projects that there will be zero unemployment in 2009 if the economy grows at 9.1 per cent and the labour force continues to grow at 2.93 per cent.
The Reserve Bank of India has forecast the economy to grow by 6 per cent with an upward bias.
Data earlier on Thursday showed the annual consumer price inflation rose to a higher-than-expected 11.24 per cent in November from 10.17 per cent in October.
Disagreeing with Reserve Bank's projection on the price situation, former RBI Governor and PM's Economic Advisory Council chairman C Rangarajan said WPI and CPI may not be as high as being projected by the central bank.
Prime Minister Dr Manmohan Singh has convened a meeting of senior ministers on Tuesday to discuss the recommendations of the National Advisory Council on the Food Security Bill.
Raise the price of diesel and restrict supply of subsidised LPG cylinder in a year to four per family, Prime Minister's Economic Advisory Panel suggested on Friday.
Debroy is expected to have a role and responsibility similar to the erstwhile chairman of the Prime Minister's Economic Advisory Council
There are indications or signs of the economy picking up -- collection of GST and consumption of electricity, said former RBI governor, C Rangarajan.
India's economic growth rate is expected to be at least 6 per cent in the 2013-14 fiscal, Prime Minister's Economic Advisory Council (PMEAC) Chairman C Rangarajan said.
Banks should neither be timid nor adventurous while lending as the loans of today should not become NPAs of tomorrow, he said.
T Nanda Kumar, former food and agriculture secretary, shared his memories of working with former prime minister Manmohan Singh during some of India's most challenging times, highlighting Singh's compassionate leadership and commitment to ensuring food security for all Indians. Kumar recalled Singh's steadfast support during the 2008 global food crisis, where he championed a ban on non-basmati rice exports to secure domestic supplies. Singh's leadership, characterized by intellect and humility, left a lasting impression on Kumar, who considered him a mentor and guiding light.
Since end-May there has been volatility in the foreign exchange market.
The GDP growth for 2013-14 has been lowered to 5.3%, from 6.4% in April.
Prime Minister's Economic Advisory Council Chairman C Rangarajan dashes bullion firms' duty cut hopes.
Higher economic growth can be sustained only in an atmosphere of reasonable price stability
The food ministry has supported the suggestion of Rangarajan panel to allow export of 2 million tons of wheat from government stocks immediately to ease pressure on storages, the Rajya Sabha was informed on Monday.
Earlier in his address, he said with over 500 million bank accounts in the country, it is estimated that the Indian banking system produces over one billion transactions a day.
Technology can play an important role in almost every sector of the economy in enhancing productivity and production.
On the reduction in the SLR ratio, he said it was a signal from the point of view of long-term reforms.
Are short-term compulsions increasing long-term instability?
Food Min says decision on Rangarajan panel's report in a time bound manner.
On the present government's 'Make in India' campaign, C Rangarajan, former chairman of the Prime Minister's Economic Advisory Council, says it is important to first ask for whom it is being made.
Believes India can grow at 6 - 7 per cent next fiscal.
Any attempt to push growth beyond 9.5 per cent in the 12th Plan period that begins next year may lead to higher inflationary pressures and current account deficit woes, says Chairman of the Economic Advisory Council to the Prime Minister, C Rangarajan.
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