Prime Minister's Economic Advisory Council Chairman C Rangarajan today said India's economic growth in the 2011-12 fiscal is likely to be about 8.5 per cent, lower than the Budget projection. Speaking at an Organisation for Economic Cooperation and Development(OECD) event in New Delhi, Mr Rangarajan however, exuded confidence that India has the potential to clock GDP growth of 9 per cent in the medium term. In his Budget speech, Finance Minister Pranab Mukherjee had pegged economic growth for 2011-12 at 9 per cent. However, the Reserve Bank, in its monetary policy in May, said that GDP growth during 2011-12 would be only around 8 per cent. Mr Mukherjee, on Monday said that the growth drivers of the country were intact, as the government aims at GDP growth of 9-9.5 per cent during the twelfth Five-Year Plan, starting April, 2012.