The Reserve Bank of India has indicated further revision of growth forecast for the financial year 2009. The apex bank has earlier forecasted 7.5-8% growth target, which seems hard to achieve, following the impact of global slowdown. The growth rate for the financial year 2009-10 may even slide, under such hard economic conditions. The country registered a growth rate of 7.8% in the first half of the current fiscal as compared to 9.3 percent a year ago.

The governor of the Reserve Bank, D Subbarao said, "All indications are that growth rates in 2008-09 will be revised downwards, when the central bank reviews the annual monetary policy in January. 2008-09 will be a difficult year and 2009-10 will also be a difficult year, perhaps more difficult. IMF has revised the global growth and growth of emerging economies." He was addressing reporters after a meeting with West Bengal Chief Minster, Buddhadeb Bhattacharjee at the Writers Building on Wednesday.

The RBI governor said that the global slowdown would definitely hit the Indian economy but the bank would take all necessary steps to mitigate its impact. It has already taken various steps to stimulate the economic growth by injecting more than Rs 3,00,000 crore in the monetary system.

Global economy is likely to grow by 2.2% in 2009 as per the fresh forecast of International Monetary Fund (IMF). Earlier, IMF had projected 3 per cent growth rate for the world economy.