The Finance Ministry has released an economic survey ahead of Monday’s Budget announcement for the fiscal year ending in March 2010.

The survey says inflation is no longer a worry and calls for an urgent return to the targeted fiscal deficit of 3 percent. India's fiscal deficit ballooned to 6.2 percent in 2008-09 as the government unleashed stimulus spending to insulate the economy against the global downturn.

The report said "India should be back on the new trend growth path of 8.5 to 9 percent per annum provided the critical policy and institutional bottlenecks are removed."

This means India could see a growth of approximately 7 percent this year and could resume some faster expansions in the coming years if it makes sweeping reforms including removal of fuel subsidies and accelerates infrastructure development.

While the super power countries are yet to come out of the financial crisis in next few years India’s progression would really rate higher when compared to others.