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India to grow 8.5% in FY09: FM Palaniappan Chidambaram India's economy is expected to grow 8.5 per cent in the fiscal year ending March 2009, Finance Minister Palaniappan Chidambaram said . Asia's third-largest economy is estimated to have grown 9.0 per cent in the fiscal year ended March 2008, and has grown at an average 8.8 per cent in the past four years. Top government and central bank officials have predicted expansion of 8-8.5 per cent in the current fiscal year. But there are concerns high global oil prices and rising inflation above 8 per cent may moderate growth. Chidambaram also said the Goverment's target for direct tax receipts for 2008/09 would be revised upwards from the current Rs 3.65 trillion.