Finance Minister Pranab Mukherjee on Tuesday described the 6.9 per cent growth projected for the current fiscal as disappointing. He said it was on account of a slowdown in industrial output and investment growth. In a statement, Mr Mukherjee said though figures of advance estimates for GDP for the current fiscal somewhat look disappointing by the recent growth experience, considering the current global context and the slowdown in the domestic industrial sector in particular, the growth performance is not all that surprising.

Earlier in the day, the Advanced Estimates released by the Central Statistical Organisation (CSO) said, the economic growth is likely to fall to 6.9 per cent in 2011-12.

Mr Mukherjee said although investor sentiments have improved in recent months, it is still an area of concern. He said the government is also working towards fiscal consolidation and controlling inflation.

He said the main reason for decline in the GDP growth is slowdown in industrial growth, in particular in investment growth, but exuded confidence that the growth figures could be revised upwards when the full data for year 2011-12 becomes available.