"This year, at the Planning Commission, we expect growth rate will be around 8 per cent. We are not expecting 9 per cent in the year 2011-12," said Ahluwalia.
Ahluwalia emphasized that the Eurozone debt crisis that has caused economic worries across the globe, has also led many countries to revise their economic growth expectation, like India.
“The difference is, while other countries are growing at 1 to 1.5%, for us slowdown means 8%," added Ahluwalia. However, expecting the inflationary pressure to stabilize by December and further to come down by end of this fiscal, Ahluwalia expects the 9% growth rate for the 12th five year plan starting next year.
India posted a GDP growth 8.5 per cent in 2010-11, while recorded an economic growth of 7.7 per cent in the first quarter (April-June), the slowest growth in 18 months.