Economic growth to be on higher side of most projections: Pranab

Referring to last year's economic survey projections that Indian economy could grow by 7.75 per cent this fiscal, Finance Minister Pranab Mukherjee today said that the economic expansion is expected to be in the upper range of most predictions.

"The Economic Survey 2008-09 had indicated that the upper bound of growth in real GDP for the year 2009-10 could be around 7.75 per cent."

"With the latest GDP data on 2009-10 indicating 7.9 per cent growth in the second quarter, the growth outlook for the next two quarters and for the whole year is expected to be in the upper bound range of most predictions for the Indian economy," Mukherjee said at Consultative Committee meeting of the Colombo Plan.

The Finance Minister said that the Central Statistical Organisation in its advance estimate has projected the economy to grow by 7.2 per cent this fiscal.

Recently, the Centre for Monitoring Indian Economy had forecast that the economy would grow at 7.75 per cent for this fiscal, while the Reserve Bank had pegged the GDP at 7.5 per cent.

The International Monetary Fund has also said that the Indian economy is likely to grow at 7.75 per cent for the year 2009-10.