New Delhi, May 3 (IANS): India may not be able to achieve the targeted 9 percent growth during the current fiscal if crude oil prices in the international market remain above $100 a barrel for a longer time, Finance Minister Pranab Mukherjee said Tuesday.

"I am not confident at what level oil prices will be -- whether it will be at the manageable level or not. Therefore, uncertainties are there," Mukherjee told reporters here.

He said 9 percent growth target announced during the budget for the current fiscal was dependent on the assumptions of energy prices at a manageable level (at around $80-90 a barrel) and good monsoon.

"We projected GDP growth of around 9 percent plus-minus 0.25 percent. When I projected this growth I also mentioned that it would depend on the energy prices and on the behaviour of the good monsoon," finance minister said.

"We are hoping that there will be good monsoon," said Mukherjee adding that the current prices of crude oil were not within manageable levels.

Crude oil prices in international markets have remained above $100 a barrel for most part of this year. Oil prices have risen almost 25 percent so far this year. Crude oil was traded at around $113.50 a barrel in New York Monday.

Welcoming the Reserve Bank of India's decision to increase policy rates, the finance minister said it was necessary in view of the persistently high inflation and uncertainties in energy prices.

"It was considered necessary to contain inflation in the context of the volatility of energy prices. I welcome the steps taken by the RBI governor," Mukherjee said.

The Reserve Bank of India Tuesday hiked short-term lending and borrowing rates by 50 basis points.