India's economy is likely to grow 5.5 per cent in 2014-15 as industrial output will recover to expand at 3.3 per cent. According to the survey of Federation of Indian Chambers of Commerce and Industry, FICCI agriculture and services sector growth in the next financial year, at 3.3 per cent and 7 per cent respectively. It also estimates that growth in the fourth quarter of the current fiscal will pick up marginally to 5 per cent.Ficci said, this might imply that actual growth in the year 2013-14 will be slightly lower than the growth of 4.9% projected by the Central Statistical Organization. On inflation, it said inflation based on Wholesale Price Index, WPI is expected to stay at about 5.5 per cent in 2014-15 and the one based on the Consumer Price Index (CPI) will be at about 7.9 per cent, as per the survey. Further, the median forecast for fiscal deficit as a per cent of GDP stands at 4.4 per cent for 2014-15. This is higher than the 4.1 per cent estimate announced in the Interim Budget last month.