India is heading for achieving 9 per cent growth rate given to the initial signs of the economic prosperity the country has been seeing for the past few quarters.

However, rising oil prices and any sudden deterioration in the Eurozone debt problem may derail its growth story according to experts from the financial market.

Samiran Chakraborty, economist at Standard Chartered Bank, said, "Oil is something which is a very important factor for India as it not only triggers an inflationary spiral it can also quickly affect the fiscal situation."

It is a right time for the policymakers to be vigil over the above two factors in a bid to avoid any deteriorating effect on country's growth prospectus. Government is already under pressure due to rising prices of essential commodities as onion and tomato prices have made things very difficult for a common man.

Crude rates surged 15 per cent this year to stand at $91.31 a barrel after touching their highest level of $ 91.31 since October 2008. Prices may touch $100 a barrel in the coming period making the country's export bill larger.