Prime Minister's Economic Advisory Council (PMEAC) today said country's economy may grow by 6.7 per cent this fiscal despite bad monsoon affecting farm sector output. Releasing the outlook, PMEAC Chairman Dr. C Rangarajan projected India's economic growth at 6.5percent in the next fiscal. The growth is likely to go up to 7 to 8 percent in 2010-11. He asserted that India has been able to weather global financial crises successfully but the impact of deficient monsoon will have adverse affect on the country's farm output. This sector may have a negative growth of 2 per cent. The agricultural sector accounts for about 18 per cent of the GDP. Dr. Rangarajan said that that inflation, which is hovering around one per cent, may firm up to 6 per cent by the end of the current fiscal.Despite the expected rise in inflation in the near future, the panel chief said that the current monetary policy may have to continue till March-end next year to support the economy, which has slowed down due to the global financial crisis. Dr. Rangarajan, however, said rising inflation, mainly driven by increasing food prices, is a disturbing element in the Indian economy. Food grain production has been estimated to be 223 million tonnes this year, a shortfall of 11 million tonnes from last year.Stressing on the need to bring down the high fiscal deficit, which is projected to be 10.09 per cent, including that of states, he said the current level is not sustainable over a long period of time.