The Prime Minister's economic panel has said the economy is growing at a rate that is above expectations and it is likely to expand by about 9 per cent this fiscal, higher than the earlier estimate of 8.5 per cent.
"It (GDP growth so far this fiscal) is certainly above the original expectation of 8.5 per cent, may be close to 9 per cent," Prime Minister Economic Advisory Council (PMEAC) chairman C Rangarajan told PTI.
Earlier, Finance Minister Pranab Mukherjee as well as PMEAC had projected 8.5 per cent growth for 2010-11.
However, the economy has shown recovery since the impact of global financial crisis that hit in 2008 and India's GDP has grown at 8.9 per cent in the first half of the current fiscal.
Hence, the government has now projected growth rate that is higher than 8.5 per cent.
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