India grew 6.5 percent in FY09 , inflation to fall further - PM

India's economy grew an estimated 6.5 per cent in the just-ended 2008/09 fiscal year and consumer price inflation is expected to moderate in five to six months, Prime Minister Manmohan Singh said on Monday.

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A global economic slump and slowdown in domestic demand have weakened economic growth in Asia's third largest economy, but falls in commodity prices have helped moderate prices.

"The wholesale price inflation is already down to around 1 per cent and there is a time lag for the consumer price inflation to also fall," Singh told a news conference at Ludhiana. "But I am sure CPI inflation will moderate in five to six months," he said at the last lap of a month-long election campaign in the northern state of Punjab.

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India's wholesale price index rose 0.70 per cent in the 12 months to April 25, above the previous week's annual rise of 0.57 per cent.