Indian economy is structured on strong fundamentals and has the potential to withstand any cyclical winds, Minister of State for Finance and Corporate Affairs, Anurag Thakur, said on Friday.
Speaking at Global Investor Meet here, Thakur said the economy can grow at the rate of over 7 per cent next year.
"We see some reports in media but the Indian economy remains structured on strong fundamentals and can withstand any cyclical winds. Many organisations have also projected that next year the Indian economy will grow at 7 per cent or maybe more than that," he said.
On Friday, the government said India continues to be among the fastest-growing major economies in the world and its relative standing remains unaffected.
"As India's potential growth rate remains unchanged, assessment by the International Monetary Fund (IMF) and other multilateral organisations continue to underline a positive outlook on India," the Ministry of Finance had said.
The fundamentals of the economy remain quite robust with inflation under check and bond yields low, it had said.
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In its latest World Economic Outlook, the IMF said that the Indian economy is set to grow at 6.1 per cent in 2019, picking up to 7 per cent in 2020.
The government has undertaken a series of the financial sector and other reforms to strengthen the economy as a whole. India has also proactively taken policy decisions in response to the global slowdown.
On Thursday (US eastern time), Moody's Investors Service changed the outlook on India's ratings to negative from stable and affirmed the Baa2 foreign-currency and local-currency long-term issuer ratings.
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