Economic growth to slow down to 7 pc this fiscal: PMEAC chief

NEW DELHI: In the face of the global economic downturn, Chairman of the Prime Minister's Economic Advisory Council Suresh Tendulkar on Saturday said he expects India's GDP to grow this fiscal by around 7 per cent.

The Prime Minister's Economic Advisory Council (PMEAC) had forecast an economic expansion by 7.7 per cent in its June review.

"We will have a relook at our projections in January. My gut feeling is it could be seven per cent, one or two percentage points here and there," Tendulkar told reporters here on the sidelines of a Planning Commission review meeting on the country's macro-economic situation.

The Reserve Bank of India, in its latest policy review on October 24, projected the GDP growth of 7.5-8 per cent.

"That (7 per cent growth) should not worry us. We will still be recording second highest growth rate (in the world)," PMEAC Chairman said.

India recorded an economic growth of nine per cent in 2007-08.