Echoing Finance Minister Jaswant Singh's projection of a "significant" economic growth this year, economists on Friday pegged the GDP growth at 6-6.5 per cent, but cautioned the Centre on increasing debt and fiscal deficit.

"What the finance minister had said on Thursday is a statement of the fact that the fundamentals of the economy are strong, forex reserves are at an all time high and inflation is low. We feel that the economy will grow by 6-6.5 per cent this fiscal," ICRA chief economist Saumitra Chaudhury told PTI in New Delhi.

He, however, differed with the minister's views on fiscal deficit saying, "It is not a pressure point but a central issue. The debt-GDP ratio has gone up from 60 to 80 per cent during 1998-2003."

The quarterly review should have focussed on the government's agenda -- improving its finances, regulations, labour laws, governance and public services, he added.

Nagesh Kumar of the Research and Information System for Non-aligned and Other Developing Countries said, "The prospects are quite promising for the economy...business confidence is up, profits reports of the corporates are positive. We expect the GDP to grow by over 6 per cent."

He, however, said the appreciation of rupee against the greenback may have a slight adverse impact on exports, which may marginally affect the GDP growth.

In his review of the Indian economy, the finance minister pointed to the "pressure points" in the economy due to rising food and petroleum subsidies.

Singh, however, painted a rosy picture with expectations of "significant" growth in GDP owing to robust agriculture and industrial growth.