FY12 GDP growth pegged at 7.5%: FM

India's GDP growth in the current fiscal year (2011-12) is expected to be around 7.5%, plus or minus 0.25%, Finance Minister Pranab Mukherjee said on Friday while presenting a mid-year economic scorecard in the Parliament. The latest GDP projection by the Government is down from the original 9% GDP growth forecast made at the start of the year. The slowdown is among the least severe worldwide, Mukherjee told lawmakers today, adding that some revival can be expected next year. It is possible for India to return to long-term growth rate of 9% as fundamentals of the economy remain strong, the Finance Minister said today. Overall WPI inflation is likely to decline from December while the same will be around 7% at the end of the ongoing fiscal year in March, the Finance Ministry report said. Depreciation in the rupee vs the US dollar is in line with other currencies, Mukherjee said. Overall fiscal stance of the Government is that of consolidation, he said, adding that the country's external debt is at manageable levels.