The International Monetary Fund (IMF) expects the Indian economy to grow by 8 per cent during 2010-11. The IMF issued its latest paper after consultation with Indian authorities. It says that with India's long-term prospects remaining strong and private sector balance sheets sound, IMF expects growth to be back at potential in the next fiscal even if advance economies grow below trend. The IMF, however, forecasts a moderately lower growth rate for the 2011-12 fiscal at 7.7 per cent. For the current fiscal, the IMF said the economy would grow by 6.7 per cent, much lower than the 7.2 per cent projected by the Central Statistical Organisation. The major areas of concern, according to the IMF, are the rising inflation and high fiscal deficit. In the Economic Survey, Finance Minister Pranab Mukherjee projected GDP growth of up to 8.75 per cent next fiscal, driven mainly by robust domestic demand and recovery in the global economy.