Forecasting moderation in economic activities, the Reserve Bank on Thursday lowered growth projections to 7.7 per cent for 2008-09.
"The median forecast of real GDP growth for 2008-09 was 7.7 per cent in the fifth round of survey (September 2008) compared to 7.9 per cent in the previous round (June 2008)," RBI said in its mid-term review of macroeconomic and monetary developments.
The projections are based on the results of professional forecasters survey conducted by the Reserve Bank in 2008 which suggested further moderation in economic activity for 2008-09 on the whole.
The sectoral growth rate for agriculture and services were, however, kept unchanged.
However, the forecast for industry was placed at 7 per cent as compared to 7.5 per cent in the previous round. The annual growth rate of imports was expected to 27.2 per cent as compared to 29.5 per cent, the RBI said.