How Accurate Is The Prime Minister’s Economic Advisory Council?

Sajjad Hussain/Agence France-Presse â€" Getty Images Different varieties of rice being sold at a shop in New Delhi.

On Tuesday, the Economic Advisory Council to the Prime Minister released its annual economic review for the financial year 2012-13. According to the report, the Indian economy is projected to grow by 6.4 percent in the coming year. “I believe we have reached the bottom. The economy will now continue to grow at a faster rate,” the council chairman, C. Rangarajan, said in releasing the report.

Over the past five years, the Economic Advisory Council’s estimates have habitually missed their mark. But that hasn’t always been on the too-optimistic side. Here’s a look back:

Growth rate for the economy for the financial year 2012-13:

Estimated growth rate: 6.7 percent

Actual growth rate: 5 percent

Growth rate for the economy for the financial year 2011-12:

Estimated growth rate: 8.2 percent

Actual growth rate: 6.9 percent

Growth rate for the economy for the financial year 2010-11:

Estimated growth rate: 8.5 percent

Actual growth rate: 8.6 percent

Growth rate for the economy for the financial year 2009-10:

Estimated growth rate: 6.5 percent

Actual growth rate: 7.2 percent

Growth rate for the economy for the financial year 2008-9:

Estimated growth rate: 7.7 percent

Actual growth rate: 7.1 percent

Growth rate for the economy for the financial year 2007-8:

Estimated growth rate: 9 percent

Actual growth rate: 8.9 percent