New Delhi: Prime Minister Manmohan Singh on Saturday said the economy is expected to register a growth rate of 7.5 percent in this financial year (2009-10), up from 6.7 percent a year ago.
"In the current financial year, the growth rate of economy is likely to be 7.5 percent," he said while addressing a meeting of the Chief Ministers on price rise here.
The economy, which had been growing at over 9 percent, slipped to 6.7 percent in 2008-09 following the impact of the global economic crisis triggered by the fall of investment bank Lehman Brothers in September 2008.
Driven by stimulus packages and easing of monetary policy, India`s economy during the second quarter (July-September 2009-10) expanded by 7.9 percent, much more than anticipated by any analyst or thinktank.
The RBI in its recent review of the monetary policy too projected a growth rate of 7.5 percent for the current fiscal.
Finance Minister Pranab Mukherjee, while presenting the Mid-Year Review of the Economy had said that economy could grow in excess of 7.75 percent despite the impact of drought and floods on agriculture output.