Finance Minister Pranab Mukherjee on Thursday projected India’s economic growth at 8 per cent for the current fiscal, lower than the budgetary estimate of 9 per cent, due to measures taken to rein in high inflation.

“If oil prices continue to rise, it would be difficult to achieve higher GDP. GDP may come down to 8 per cent from [the projected] 9 per cent,” Mr. Mukherjee told reporters on the sidelines of Asian Development Bank annual meeting here.

The government’s primary concern now is to manage inflation while sustaining high growth rate. Hardening of global commodity prices, particularly oil prices has accelerated inflation, he said adding “our projection is 7.5-8 per cent inflation during the year.”