In a mid-year review of the economy, the economists also listed risks like fiscal imbalances, high oil prices, faltering infrastructure and political risks associated with a coalition government that may hinder the growth process.
Presenting the review in New Delhi, eminent economist and director of National Institute of Public Finance and Policy M Govind Rao also cautioned that if the oil prices continue to rule high, the chances of higher inflation and firming up of interest rates cannot be ruled out.
"By all accounts, Indian economy is expected to continue its buoyant performance during 2005-06," he said.
According to various agencies, India's GDP growth could range from 6.7-7.5 per cent this fiscal.
While RBI has pegged it at 7-7.5 per cent, IMF forecast is 6.7-7.1 per cent, PM's Economic Advisory Council (6.9 per cent), NCAER (7.19 per cent), CMIE (6.8 per cent) and CII (7.3 per cent).
"The average annual growth rate for last three years works out to 7.5 per cent. It is therefore argued that achieving 8 per cent growth during the 11th Plan is within the realm of feasibility," Rao said.
Further reforms are imperative to sustain the high growth, he said advocating fiscal, tax, agriculture and labour reforms along with speedy divestment and privatisation.
Kanaiya Singh of NCAER pointed to glaring gaps in infrastructure sectors and proposed tax reforms.
