The country's economy grew by 8.6 per cent in the fourth quarter of the last fiscal as compared to 5.8 per cent during the same quarter last year. According to revised estimates of Central Statistical Organisation, the GDP during 2009-10 grew by 7.4 per cent against 6.7 per cent in the previous year indicating a recovery after the impact of the global economic meltdown. The quarterly review reports tabled in the Lok Sabha on Friday say that the year-on-year inflation in the first quarter of the current financial year was 10.97 per cent as compared to 0.55 per cent for the corresponding period in the last fiscal. The wholesale price index in the first quarter in 2010-11 stood at 259.2 as compared to 233.6 against the same period in the previous year. The total food grains production for the year 2009-10 was estimated at 218.20 million tonnes. The decline in the food grains production in 2009-10 has been attributed to deficient south-west monsoon. As far as the exports are concerned, in the first quarter of the current fiscal, exports grew by 32.2 per cent over the same period in the last financial year. The report also says that the imports grew by 34.2 per cent during that period. The Trade deficit was to the tune of 32.3 billion US dollars, which 37.5 per cent higher than the levels in the same period last year. The Gross Direct Tax collection has increased by over 17 per cent to the tune of 70 thousand 474 crore rupees in the first quarter this year as against 60 thousand 183 crore rupees in the same period last year. The gross indirect tax collection in the first quarter of this year is over 59 thousand crore rupees reflecting a growth of 46 per cent over the collections in the same period last year. The fiscal deficit for the year 2010-11 is estimated at 5.5 per cent of the GDP. According to the report this was in line with the commitment made in the Medium Term Fiscal Policy Statement presented along with the Union Budget 2009-10. The report says that with the growth rate of 7.4 per cent in the difficult year of 2009-10, the government decided to resume the process of fiscal consolidation from the current financial year.