Indian economy is likely to end this fiscal with over 6 per cent growth backed by industrial recovery and impressive performance of the service sector, according to ICICI Bank chief executive K V Kamath.

"We in ICICI Bank believe that a growth rate of six per cent will be exceeded in this fiscal," Kamath said at an award presentation function in New Delhi on Wednesday.

The GDP projection from the country's second biggest bank assumes importance in the background of Reserve Bank's forecast of 5-5.5 per cent. India's economic growth projection was pegged down after the decade's worst drought in major agricultural belts of the country.

Kamath said the industry was clearly showing signs of revival in the last six months and the Index for Industrial Production was growing by 6 per cent.

In the auto segment, for instance, the four wheeler segment was growing at a moderate pace of 4-5 per cent, while two-wheeler (motorcycle) was growing at a handsome 20 per cent and the industry was in general growing by growing by 6 per cent, he said.

"Industrial output does not include a lot of items like auto component, some consumer durable and textile fabric. If these items are included, the IIP would have been higher by 1.5 per cent at 7.5 per cent," he said.

He said banks had lowered the funding costs through successive lending rate cuts, which has helped the industry to revive. "If banks can succeed in lowering the funding costs, then industry can also succeed in posting higher growth," he added.

Moreover, Kamath said the steps taken by the government like the Golden Quadrilateral national highway and prime minister's rural road projects at an investment of $15 billion, would assist India to sustain the economic momentum.

Referring to the experience of ICICI Bank, he said, "In the last three years, no new projects came up. But now financing proposals for 2-3 projects are coming up every month.

"Although disbursals have not been much, wait for another 6-12 months. The signals of acceleration in industrial growth is coming," he added.

Asked about the industry's expectation from the forthcoming budget, Kamath said, "What is required is that the growth momentum is fostered and maintained."

The government's economic policies so far has been congenial to growth, he added.