According to the Union Finance Minister Pranab Mukherjee on Monday expressed that an 8.5 per cent GDP development for the recent fiscal would portend good for the nation in the current financial year.

However he also cautioned that the condition might modify radically if the financial disaster in Europe were to escalate.

Further tackling the financial Inclusion Summit planned by the Confederation of Indian Industry, he expressed that he was tending to knee up the International Monetary Fund's opinion of India mounting at the rate of 9.4 to 9.5 per cent in the year 2010-11, but favored to be traditional in his estimation. He added that he shall be very happy if the nation matures at 8.5 per cent.

However, the Minister swayed the warning signals in the stir of the IMF's menace to Hungary on its fiasco to execute rigor measures. If the disaster was limited to a few nations in Europe, it might not influence India greatly, he added that if it presumes hefty magnitude and stretch to other nations.