The Chief Economic Advisor, Kaushik Basu today expressed hope that inflation rate will come down soon to below 7 per cent. Presenting the outlook for the economy in 2012-13, he expected that this will help in accelerating the growth rate faster than the current year.Briefing media persons in New Delhi today, Mr. Basu said that the growth achieved during the first half of the current year, was 7.3 per cent. Mr. Basu said, there was a sharp improvement in industrial performance in November last year and overall growth bounced back to 5.9 per cent.He said that it was 4.7 per cent in October last year. Noting the rebound in the growth of manufacturing sector, Mr. Basu said that it increased from 5.7 per cent in October 2011 to 6.6 per cent in November 2011. Mr Basu also announced the new Index of Sovereign Credit Rating. Chief Economic Advisor said, the new system – Comparative Rating Index of Sovereigns, CRIS, is a relative rating of sovereign debt based on the historical evolution of their ratings over five years. Explaining the importance of this system, Mr Basu said computation of CRIS is based on well known rating agency- Moody's ratings and data on the GDPs of different nations released by the International Monetary Fund.