Dec. 23 – Finance Minister Pranab Mukherjee said today that the Indian economy could grow by 7.5 to 8 percent during the current financial year.

“The Mid Year Review projected a growth rate of 7.75 percent, but it would be more appropriate to say 7.5 to 8 percent”, Mukherjee said, addressing the 104th annual session of the industry chamber PHDCCI.

The Review, tabled in Parliament by the minister last week, had said the growth rate during the year could exceed the optimistic projection of 7.75 percent, up from 6.7 percent recorded during 2008-09.

Indian economy was expanding by 9 percent before it was hit by the global financial meltdown last year, pulling the growth rate to 6.7 percent during 2008-09.

The economy grew by 7.9 percent in the second quarter (July-October) of the current fiscal year.