India likely to grow at a lower 7.7% in 2008-09

The prime minister's economic advisory council has lowered India's GDP growth projection to 7.7 per cent during 2008-09 as against 9 per cent in the last fiscal.

Inflation, the council, said can be brought down to 8-9 per cent by March 2009 through co-ordinated policy action, and added that tight monetary stance is necessary.

• India to grow at 7.5-8% in 2008: S&P

EAC also lowered agriculture growth projection to 2 per cent in 2008-09 as against 4.5 per cent in 2007-08.

Industrial growth projection has also been lowered to 7.5 per cent this fiscal as against 8.5 per cent in the previous year