India set for 7.7pc economic growth

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NEW DELHI, Aug 13 (AFP): Indian economic growth is likely to slow to 7.7 per cent in the current financial year due to a cooling global economy and high inflation, a government panel said in a report released today.

The forecast from the Indian prime minister's economic advisory council is a sharp downwards revision from its earlier prediction of 8.5 per cent growth in the 2008-2009 fiscal year.

Last month, India's central bank also cut its growth forecast for the current financial year to eight per cent-the slowest since 2004 -- from a range of 8.0 to 8.5 per cent.

In June the Organisation for Economic Cooperation and Development (OECD) said India, Asia's third-largest economy, was set for 7.8 per cent growth.

India's economy grew by nine per cent in the last financial year to March, down from the previous year's 9.6 per cent.