GDP can grow at over 8%: ADB

The Asian Development Bank (ADB) today said India's GDP can grow in excess of 8 per cent this fiscal, higher than its earlier projection of 7.8 per cent.

"Growth is buoyant and in 2006-07 it could exceed 8 per cent," said ADB's Rajat Nag, managing director (designate) and special advisor to ADB president.

The average 9 per cent growth during 2007-12 is quite achievable but "10 per cent growth may be a stretch," Nag said.

Meanwhile, ADB is likely to finalise a $1 billion rural finance project early next month to strengthen co-operatives to make credit accessible to India's poor, who often resort to suicides due to financial difficulties.