GDP growth will come down to 8% this year: FICCI survey

The country's economic growth is likely to slip to 8 per cent at the end of the current fiscal from the estimated 8.6 per cent in 2010-11, thanks mainly to a slowdown in agriculture and services, according to a survey by the Federation of Indian Chambers of Commerce and Industry.

In its 'Economic Outlook Survey' released today, FICCI also said that inflationary pressure in the economy will persist during the first half of this fiscal, before moderating to around 7 per cent by year-end.

"The economy is expected to grow by 8 per cent this fiscal as against 8.6 per cent in 2010-11," it said.

"Inflation may further accelerate over the first half of the fiscal year because of the expected increase in diesel, LPG (cooking gas) and kerosene prices, and supply side constraints faced by commodities such as vegetables, fruits, pulses, milk and eggs," it added.

The trade body however said that in the second half of this fiscal, inflationary pressure is likely to moderate and the numbers may to fall to around 7 per cent by March 2012.

The industry body's projections are almost in line with those of the Reserve Bank of India.