A leading India's industrial body said on Tuesday that India's GDP growth rate projection will be lowered to 6.9 percent for the current financial year, from a government estimate of about 7 percent, reported Press Trust of India.
The Federation of Indian Chamber of Commerce and Industry ( FICCI) also called on the government should take "urgent" steps, like slashing interest rates and improving investor confidence to accelerate economic growth, said the report.
FICCI's Secretary-General Rajiv Kumar said that the growth rate in agriculture sector is expected to drop to 2.5 percent from 7 percent in 2010-11 fiscal.
The Indian economy registered 8.4 per cent expansion in the last fiscal./.