India’s economy grew a scorching 9.4% in the year ended March 31, 2007 up from 9% the previous year, according to the country’s Central Statistical Organization.

Taking note of the growth, the Wall Street Journal (subscription required), however, sounded a note of caution over the future.

Some economists warned that higher interest rates, introduced to damp inflation, could slow economic growth in coming months. In addition, the strengthening rupee, which reached a nine-year high against the dollar earlier this week, could crimp the financial results of Indian exporters by making dollars earned overseas worth less when converted back to rupees.

The Journal reported that India’s economy has grown at over 8% for the last four years and would continue to grow at least at 8%.