New Delhi: Finance Minister Jaswant Singh today (Jan 9, 2004) described the RBI's (Reserve Bank of India) latest growth projection of seven per cent (7 %) as conservative and indicated it would be much higher this fiscal after a "satisfying" second quarter performance.

"The Ministry of Finance works on the basis that the RBI is a great deal conservative," Singh said and laughed off a suggestion that it meant the growth would be higher than RBI's projection of seven per cent.

The GDP (Gross domestic Product) growth during July-September this year "is of great satisfaction for the Ministry of Finance", he said.

Economy shot up to a record 8.4 per cent growth in second quarter of 2003-04, after years of sluggish growth, due to bumper agriculture production coupled with impressive performance by Industry.

Asked about the financial impact of the various sops announced in his mini-Budget, the Minister said it would cost Rs 9000-10,000 crore.