The Prime Minister's Economic Advisory Council, PMEAC, today lowered country's growth forecast to 8.2 per cent this fiscal while revising the inflation projection upward to 6.5 per cent till March 2012. Talking to reporters in New Delhi, PMEAC Chairman Dr C.Rangarajan also said that inflation will continue to hover around 9 per cent in July-October period. It is expected to moderate only after November. Indian economy grew 8.5 per cent in last fiscal. The budget for 2011-12 had, however, projected an economic growth rate of around 9 per cent. Dr Rangarajan also said that country's growth is likely to be impacted as the global financial and economic situation was unlikely to improve in the near future. He said that the investment rate in the economy needs to be improved to achieve a 9 per cent growth rate in the near future.On Reserve Bank of India's steps to tame inflation, Mr Rangarajan said tight monetary pollicy measures are needed to contain inflation which was at 9.44 per cent in June. He said that current account deficit is projected at 54 billion dollars this fiscal, which is 2.7 per cent of GDP. The cuurent account deficit was 2.6 per cent last year. The capital flows are projected at 72 billion dollars, while FDI flows are likelt to be at 35 billion dollars this fiscal.While asking the government to ramp up its revenue collection, Dr Rangarajan suggested to minimise public expenditure. Other areas which needed immediate focus of the government according to the PMEAC, included, Power sector, Public Distribution System and food security. It also suggested an early implementation of Goods and Services tax.