The National Council of Applied Economic Research (NCAER) on Thursday revised its recent GDP projection for the current fiscal from 6.7 per cent to 7.1 per cent now "as the year has begun on a strong platform for growth" though it tinged the optimism with some riders such as "if the rate of growth of private investment increases in nominal terms and some of the critical issues confronting the economy get adequate attention". In its quarterly review of the economy, the Council noted that if the rate of growth of private investment increases from 11.8 per cent to 14.5 per cent in nominal terms, GDP growth could reach 7.1 per cent in 2004-05.