New Delhi: Present economic scenario is worrying with so much of negative cues around. The government may lower the growth projections for the last fiscal, which was pegged at 3 year low of 6.9 percent, in view of sharp downward revision of industrial output numbers for January.
"The government might revise 2011-12 GDP growth figure downwards. Officials of the Department of Economic Affairs will meet soon to assess the impact of the lower January IIP numbers on last year's economic growth," a Finance Ministry official told.

Reserve Bank Governor D Subbarao has said that rising fiscal deficit and short-term debt levels are "quite disturbing" but the nation is not facing a repeat of a 1991 balance of payment crisis.
While the 1991 crisis was triggered by high oil prices almost drying foreign reserves and currency crash, large fiscal deficit and current account deficit are lead indicators of stress building up in the system again, he said at a panel discussion on India's economic reforms and development here last evening.
With Prime Minister Manmohan Singh listening, Subbarao said fiscal deficit in 1991 was 7 percent and it is ruling at 5.9 percent in 2012. The current account deficit at 3.6 percent is higher than 1991 figure and short-term debt at 23.3 percent of GDP in 2012 is much more than 10.2 percent in 1991.
"That is quite a disturbing picture. Nevertheless, I would still argue that in 1991, an implosion was imminent. In 2012, an implosion is not imminent," he said.
Stating that the structure of the economy has changed in fundamental ways, he said financial markets are more matured, more diverse and much deeper and have "resilience to absorb shocks".
"Our regulatory systems and out crisis response mechanism are more robust and more sophisticated," he added.
While fiscal deficit was not entirely structural in nature, current account deficit was high because of high oil prices and gold imports, he said adding India's foreign exchange reserves today are much larger than those in 1991.
"I am not saying that we have insulated ourselves from all crises for all times (or that) the economy is in pink of health or on a roll (or that) today's macroeconomic situation is not a cause for concern," he said. "On the contrary, there are serious concerns about macroeconomic management, policy environment and governance".

Prime Minister Manmohan Singh, who received a compilation of essays written by leading economists, did not make any formal comment at the discussion except to state that the economy was facing "difficulties", but expressed the hope that they would be overcome with determination.
Stating that India growth story was intact, Subbarao said, "We should prove that the current downturn is just a short-term phenomenon, and that the long-term growth drivers will come back into play."
He emphasised that "2012 is not 1991 all over again", but serious concerns are there and a number of things need to be done keeping the big picture in view.
He, however, did not elaborate.
India's economic growth during 2011-12 slipped to three-year low of 6.9 percent, down from 8.4 percent in the preceding two years. The government expects the GDP to expand
by 7.6 percent in the current fiscal.
Subbarao, who will be unveiling the annual credit policy on April 17, had met the Prime Minister and Finance Minister Pranab Mukherjee to discuss the country's macro-economic situation earlier in the day.
He may have discussed the steps to be announced in annual credit policy to arrest declining growth.
The government proposes to bring down the fiscal deficit to 5.1 percent of the Gross Domestic Product (GDP) in the current fiscal from 5.9 percent last year.
"Imports of gold were high because under the present scenario gold is safe haven. It is hedge against inflation. Therefore people are buying gold. But over time as domestic situation improves and inflation comes down, I believe this appetite for gold will come down.
"Therefore the pressure on current account deficit will be less than what we had year back," he added.