The Prime Minister's Economic Advisory Council on Monday projected the economic growth in the country at 8.6 per cent for the current fiscal on the back of rebound in farm output. It said, inflation will come down to 7 per cent by March-end following declining in food prices. The PMEAC, in its 'Review of the Economy 2010-11' report released on Monday, also said the country's GDP is likely to grow by 9 per cent in 2011-12, back to the high rate it had witnessed before onset of the global economic recession. PMEAC's projection of 8.6 per cent growth is in line with government estimates released earlier this month. According to PMEAC, the agriculture sector is expected to grow at 5.4 per cent this fiscal. This is higher than the 0.4 per cent rate of growth registered by the farm sector in 2009-10.PMEAC Chairman C Rangarajan said, Agriculture will do very well this year and wheat production might be a record one. The council also said, the services and industry sectors would maintain the high growth rate of last few years.Dr. Rangarajan said while services is expected to register a growth rate of 9.6 per cent, industry is projected to grow by 8.1 per cent. During the last fiscal, services sector had witnessed a growth of 9.1 per cent, while manufacturing had grown by 8.8 per cent. The overall inflation for January has been at 8.23 per cent, while food inflation was at 11.05 per cent in the first week of February.