The ministry is likely to lower its growth projections in the range of 8.5-8.75 per cent from nine per cent projected in the Economic Survey.
Chief Economic Advisor Kaushik Basu and his team are working on the numbers and the revised estimates are likely to be announced by the end of this month.
The finance ministry is awaiting some more data in the next few days to help it arrive at a precise number.
"This year theĀ gross domgrowth is likely to be in the range of 8.5-8.75 per cent. We will get some more data by the end of month which will help us arrive at a more accurate figure," said a finance ministry official.
India's economy grew by 8.5 per cent in the previous financial year (2010-11).
If the growth for this financial year is lowered to 8.75 per cent, which the ministry considers possible at the moment, it would not be a steep revision, as the Economic Survey had projected the growth to drop or increase by 0.25 percentage points, depending upon the state of the economy.
As such, the lower end of the Survey's projection is 8.75 per cent.
On Wednesday, Finance Minister Pranab Mukherjee had also said with "hard work" it would surely be possible to grow at 8.75 per cent this year, with a variation of 0.25 per cent on either side.
Data on some key economic indicators will be released in the next few days.
While index of industrial production (IIP) numbers for April will be out tomorrow, wholesale price index (WPI)-based inflation for May will be released on June 14.
Indirect tax collection figures for April-May and trade data for May, showing the trends
India may scale down GDP growth projection
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