With the rate of price rise moderating in recent months, Prime Minister Manmohan Singh today exuded confidence that inflation will stabilise at around 5.5 per cent by March next year. Pointing out that the government had taken several steps to check rising prices, he said, government will continue to do so. He said, in recent days, the rate of inflation has come down to 7.5 per cent. Referring to economic growth, Dr Singh said that despite the global economic crisis, the country has been able to maintain a healthy growth rate. He also said that the economic growth will improve to 8.5 per cent. The Indian economy was expanding at over 9 per cent before the global financial meltdown dragged down the growth rate to 6.7 per cent in 2008-09. Thereafter, spurred by the stimulus provided by the government and the Reserve Bank, the growth rate improved to 7.4 per cent during 2009-10. As regards the current fiscal, the economy recorded a growth rate of 8.9 per cent in the first half. According to the Mid-Year Analysis prepared by the Finance Ministry, growth for the whole year could be 8.75 per cent, with a variation of about 0.35 per cent on either side.