Projecting the country's growth rate at more than 8.25% by next fiscal and at double-digit rates by the next five years, India's Economic Survey Expressed its worry over growing costs and demanded urgent action to turn down the administration's fiscal deficit.

The survey said, "It is entirely possible for India to move into the rarefied domain of double-digit growth and even don the mantle of the fastest-growing economy in the world within the next four years."

In the Lok Sabha, the lower house of parliament, a day ahead of the federal budget, Finance Minister Pranab Mukherjee said, "As of now the outlook for inflation is conditioned by supply-side pressures in the near term."

In a veiled condemnation of the approach in which the administration has wanted to deal with rising prices, the survey also stated that in a few essential items inflationary expectations may have spread-out the price increase as there were sufficient stocks.

"Making available adequate and timely quantities of these items and at different locations to overcome supply side mismatches is the real challenge," the survey noted.

The twelve-monthly report card on the state of the Indian financial system also said that the subsisting rebound demanded a gradual extraction of the $37-billion stimuli since December 2008 to assist the country weather the ills of worldwide slump.

Concurrently, it said, the export segment required a further push. (With Input from Agencies)