Economic growth rate of India will be more than 8.0 for the year 2009-2010

India's economic growth is likely to slow down further in 2009-10, to five per cent as against the Government's estimate of above seven per cent, Economist Intelligence Unit said on Tuesday.

“A lower growth in private and government consumption, investment and net exports are likely to lower the GDP growth further...we expect the growth to be at five per cent in 2009-10,” EIU's Economist, Anjalika Bardalai, told reporters here.

In the current fiscal, India's GDP is expected to expand by six per cent, Bardalai said.

Prime Minister's Economic Advisory Council Chairman, Suresh Tendulkar had said that the economy would grow at an above seven per cent in the next fiscal year.

Though the growth is likely to be at a low pace in the first half of next fiscal, it would pick up in the second half, Tendulkar had said.

Noting that India was a victim of the global financial crisis, Bardalai said that imbalances in the domestic economy has also contributed to the slowing growth.

In the medium term, India's growth prospects remain robust, Bardalai said, adding that the onus to support the growth momentum will now be with the Reserve Bank, Bardalai said.