Former Finance Minister Yashwant Sinha on Thursday said that India's growth rate could slip below 6 per cent in the current fiscal due to high fiscal deficit and absence of reforms.

"... In the absence of economic reforms and in the light of such huge fiscal deficit, I don't see Indian economy moving fast forward because already interest rates are hardened... growth could slip below 6 per cent," Sinha, who is a BJP leader told at a seminar at Birla Institute of Management Technology.

Indian economy grew at a slow pace of 6.7 per cent in 2008-09 against a growth rate of nine per cent in the preceding few years.

He further said that fiscal deficit is a worry as it would lead to around Rs 4,00,000 crore market borrowing by the government, leaving less resources for the private players.

There would also be pressure on interest rates. The Centre's fiscal deficit is projected to widen to an 18-year high of 6.8 per cent of GDP in the current fiscal.

On Wednesday, rating agency Standard and Poor's has said that India's ratings may be lowered if fiscal consolidation is delayed further, as high fiscal deficits are not sustainable in the medium term.