India's Union Finance Minister Pranab Mukherjee has said that that country might have to settle for GDP growth of 7 per cent this year.

He said while speaking toa television channel that the country's GDP growth ahs been 7.3 per cent and the two quarters are unlikely to have substantial improvement and thus the GDP growth for the year is expected to be around 7 per cent.

Mr. Mukherjee has appealed to the corporate leaders in the country to help revive the growth in the country. The industry has urged the finance minister to take steps to boost investment in the country and put forward new reform measures.

Mr. Mukherjee said that a high growth rate of above 9 per cent would be achievable only with the help of the industry in the country. FICCI President R. V. Kanoria has remembered widening direct tax net, privatizing coal-mines, boosting government assets and bringing back black money from foreign locations for containing the fiscal deficit of the government.

Earlier, Mukherjee had said that the central government is not likely to achieve its 4.6% fiscal deficit target for the financial year. He said that it would be very difficult for the government to achieve the target in the financial year. Experts say that the government is likely to miss its target of reducing the budget deficit to 4.6 percent of gross domestic product one or two points in the current fiscal year.

He also said that stability in the US economy and the resolution of the eurozone debt crisis will pay a key party in boosting growth in the country.