(RTTNews) - Centre for Monitoring Indian Economy or CMIE lowered the Indian economic growth for fiscal year 2008-09 to 7.5% from the earlier estimate of 8.2% in its monthly review for December, reported the media.

The think tank said that the economy would grow at a slower pace due to global credit crisis resulting in slowdown in some sectors. The global liquidity crisis would have a considerable impact in the third quarter.

CMIE forecasts trade, transport, industry and finance sectors to be the worst affected. CMIE also lowered its forecast for industrial output to 4.5% from 6.3% earlier, as it expects the impact of global financial turmoil to remain for the next few months. It also expects inflation to ease for the rest of the fiscal year.

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