The Prime Minister's Economic Advisory Council (PMEAC) on Monday said the country's economic growth this financial year will be at 8.2 per cent. It is lower than the 8.5 per cent achieved last year. The PMEAC also revised the March 2012 inflation projection to 6.5 per cent from 6 per cent estimated earlier. Talking to reporters in New Delhi, PMEAC Chairman Dr C. Rangarajan said that inflation will continue to be around 9 per cent in July-October period and come down only by November.Dr Rangarajan said the fiscal deficit is expected to be in between 4.6 to 4.7 per cent. He asked the government to take measures to contain it. He also said the 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 savings and investment rate in the economy needs to be improved to achieve a 9 per cent growth rate in the near future. The current saving rate is projected at 34 per cent and investment at 36.7 per cent this fiscal.On Reserve Bank of India's steps to tame inflation, Mr Rangarajan said, tight monetary policy 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 current account deficit was 2.6 per cent last year. The capital flows are projected at 72 billion dollars, while FDI flows are likely 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. The agriculture is expected to grow at 3 per cent and monsoon conditions are expected to be near normal. Industry is likely to post a 7.1 per cent growth and services sector to grow at 10 per cent.Dr Rangarajaan identified certain other areas which needed immediate policy intervention. They include Power sector, Public Distribution System and food security. He also suggested an early implementation of Goods and Services tax.