<br/>The Prime Minister’s economic advisory council has called for timely release of food grain in sufficient quantity below prevailing market prices to check the rising inflation of food articles. Addressing a press conference in New Delhi this afternoon the chairman of the council Dr.C Rangrajan said that advance planning for timely imports and development of distribution channel are some other important steps to rein in food inflation. Dr. Rangrajan said that the stocks of wheat and rice are adequate and the Rabi out put would be higher than the last year, but Khareief out put of rice is estimated to be lower by 12 million tones. The out put of pulses, oilseeds, and sugar cane will be low. The head of the panel urged the government to release additional food grains from tits stocks to check the rising food inflation, which is around 18 percent. He cautioned that there is a danger of significant transfer of food price inflation to general price level in the next fiscal. <br/><br/>He projected more than 7.2 percent growth this fiscal. He added that higher growth is possible mainly due to strong rebound in the third and the fourth quarter particularly in the industrial sector. He said that the GDP would reach 8.2 percent in the next fiscal and touch nine percent in 2011-12. Giving details he said though the agriculture recorded a negative growth of 0.3 percent, the Industry including the construction sector touched 8.6 percent and the services 8.7 percent. He said that the investment rate, which fell considerably in, the last fiscal has reversed and will further pick up with the improvement in the domestic conditions. He announced that credit expansion has picked up in the second half of the fiscal and called for a more neutral monetary policy following a strong recovery. Dr. Rangrajan however said that RBI action would depend upon pick up in the credit flow and liquidity conditions and further pressure on the prices. He also stressed the need for fiscal correction putting the fiscal deficit at 10.3 percent this fiscal Dr. Rangrajan said that the devolved countries have come out of the recession but the weak recovery is a cause of concern.