On the back of faster economic expansion in the first half, the government has said the growth rate could cross 9 percent in the current fiscal itself and revert to the pre-crisis levels.

It is estimated that growth in 2010-11 will be 8.75 percent with 0.35 percent variation on either side.

The range indicates the possibility of crossing the nine percent mark this year itself, said the Mid-Year Analysis of the economy for 2010-11 tabled by Finance Minister Pranab Mukherjee in Parliament on Tuesday.

“Sustaining such high levels of growth for a number of years, however, will require significant deepening of reforms initiative,” said Finance Ministry’s analysis of the economic situation.

With regard to inflation, which was the major worry of the government since more than a year, the Analysis said, it has started coming down and is placed at 8.6 percent in October this year compared to 11 percent witnessed in April 2010.

“I am hoping that inflation will come down to 6 per cent by March 2011,” Mukherjee told reporters after tabling the report in Parliament amid din over 2G spectrum allocation issue.

Contrary to estimates by various think tanks, the economy during second quarter expanded by 8.9 percent taking the overall growth rate to the same level in the first half and raised hopes of 9 percent growth in the current fiscal.

Having grown by over 9 percent in three years in a row, the economic growth rate slipped to 6.7 percent in 2008-09 on account of global financial meltdown.

The growth rate, however, picked up to 7.4 percent in 2009-10 as a result of stimulus provided by the government and the Reserve Bank of India.

The economy, according to earlier estimates, was expected to grow by 8.5 percent in the current fiscal rising to the pre-crisis level of 9 percent in the next fiscal.