India will achieve 8.7 percent growth rate in 2011-12 says a UN report. The report prepared by Economic and Social Commission for Asia and Pacific has said that this growth is achievable after denting the inflation. Lauding the steps taken by Reserve Bank of India to curb inflation, the report described India and seven other South Asian countries as anchor support to the economic growth of the world. Prof. G K Chaddha and Chief Advisor to Finance Ministry Kaushik Basu today launched the report in New Delhi that has also suggested that Government should strengthen the public distribution system and unorganized labour sector to streamline the development procedures. Describing price rise in food items as a global phenomenon, the report has said that research and development in agriculture sector should be encouraged to procure more buffer food stocks. Welcoming the report, Chief Advisor to Finance Ministry Kaushik Basu said that Government has adopted innovative policies to curb the inflation. He added that food inflation trickled down to 8.53 per cent for the week ended April 23 from 8.76 per cent in the previous week. He added that India is the only developing economy where food inflation is on a declining trend. However he added that rise in global petroleum prices may adversely impact this trend. Mr. Basu also said that Government is focussing on an inclusive growth for all sections of the society.