New Delhi, Feb 19 - Following are the highlights of a review of the Indian economy conducted by the Prime Minister's Economic Advisory Council headed by C. Rangarajan:

- India's growth pegged at 7.2 percent for this fiscal

- Economy to grow 8.2 percent and 9 percent over next two years

- Agriculture output to decline 0.2 percent this fiscal

- Industrial production to expand 8.6 percent

- Services sector to grow 8.7 percent

- Food inflation may also push up general price level in 2010-11

- Risk of rise in international commodity prices

- Estimated investment rate for this fiscal pegged at 36.2 percent

- Estimated savings rate pegged at 34.0 percent

- Export recovery slower, projected at $168.7 billion

- Easily possible to cut fiscal deficit by 1-1.5 percent in 2010-11

- Service tax coverage must be expanded

- Timely release of food essential to curb price rise

- Timely imports at early signals of shortfall in production also must

- Wheat output will be almost equal and pulses slightly higher than last year

- Summer rice output lower but winter crop better

- But government wheat and rice stocks to be comfortable

- Agriculture and power two main constraints to growth in medium term

- Formulate clear policy on genetically modified crops

- Important to scale up nuclear power generation (IANS)