In July 2011 the Council had released its Economic Outlook taking the view that \the Indian economy would grow by 8.2 per cent in 2011/12. This was lower than the provisional estimate of 8.5 per cent growth for the previous year (2010/11) and only marginally more than that in 2009/10 (8.0 per cent). The view took on board the early signs of a clear slowing down in the pace of investment and hence in the pace of economic growth, that had begun to show up in the second half of 2010/11. However, in the course of preparations of the Economic Outlook during June–July 2011, the Council had expected that it would be possible to visualize a modest revival in the investment climate and hence in the investment rate and in the pace of economic growth later in the year.