India's GDP for the 2010/11 fiscal year is estimated to grow at 8.6 percent, a government statement said on Monday.

Based on current exchange rates, India is likely to have moved up in global GDP rankings to within the top 10 economies.

India's farm output is expected to grow 5.4 percent, while industry growth this fiscal is expected at 6.2 percent in the current fiscal that ends in March.

The service sector growth is projected to grow 11 percent this fiscal, the government statement showed.

India's economy has grown at 8.9 percent for two consecutive quarters in the current financial year, provisional data released earlier by the government showed.