Mumbai: The plan panel expects the economy to grow 6.3 percent in the year to March 2010 and at a faster pace in the following years, it said in a background paper which will be presented in a meeting with the Prime Minister.
The panel expects 8 percent economic growth in fiscal year 2010-11 and 9 percent in 2011-12, it added.
In the current fiscal year, it sees farm growth down 2.5 percent with foodgrain output down 18 million tonnes, industry growth at 7.8 percent and services growth at 8.2 percent.
The full Planning Commission will meet in New Delhi today to take stock of the economic situation in the country.
Prime Minister Dr. Manmohan Singh will chair the meeting to be attended by Finance Minister Pranab Mukherjee, Agriculture Minister Sharad Pawar and other Cabinet ministers, besides Commission``s Deputy Chairman Montek Singh Ahluwalia.
The meeting will primarily discuss issues relating to drought, food prices and energy.
It will be a mid-term appraisal of the 11th Five-Year Plan where the growth targets will be announced. The meet is also expected to review the Integrated Energy Policy (IEP), which was approved by the Cabinet last December.
The Commission is also expected to discuss allocations under various government welfare schemes.
The Planning Commission`s meeting comes a day after the country`s top economic minds agreed that India`s economy is looking up after the Gross Domestic Product (GDP) showed a 6.1 percent growth.
India witnessed a 7.8 percent economic expansion during the corresponding period of the last fiscal.
According to sources, mining and electricity in industrial sector, and financing among services sector posted higher growth of 7.9, 6.2 and 8.1 percent, respectively, in the first quarter of this fiscal, against 4.6, 2.7 and 6.9 percent a year ago.
Infrastructure development and community services also managed to register a growth of 7.1 and 6.8 percent against 8.4 and 8.2 percent, in the last fiscal.
However, agriculture and manufacturing industry expanded at a slower rate of 2.4 and 3.4 percent respectively.
Bureau Report with ANI inputs