GDP growth to exceed 7.5% this fiscal: FinMin

India's growth in the current fiscal will exceed 7.5 percent as there are "silver linings" in the global financial turmoil, with government committed to ensuring that the country remains a "bright spot" in the world economy, Finance Ministry said today. "This year we are targeting about 7.5 percent to 8 percent growth. We are quite confident that upwards of 7.5 percent is what we can reasonably expect," Economic Affairs Secretary Shaktikanta Das said at an ICRIER event here.

The ministry believes that India remains as one of the very few bright spots in the global economy, a view echoed by the IMF as well, he said. "But that is no cause for complacency and government is committed to continue to take necessary measures to retain that position for India," he said, adding that India will account for 18 percent of the global growth. The Indian economy expanded by 7 percent in the first quarter (April-June) of current fiscal.

In last fiscal, the GDP growth was 7.3 percent. Das said the US-Iran deal, the shale gas revolution, the expected innovation in solar energy and developments around fighting the menace of black money and terror funding would act as "silver linings" for the global economy. "There are silver linings and while we recognise that world economy today has become volatile, which many people say has become the new normal, there are also opportunities, there are also silver linings," Das said.

He said "while volatility and uncertainty are new normals, India is uniquely placed to be the bright spot and government is taking necessary policy measures. It is India's chance to grow and government will see that this opportunity is not stifled". He said there has been some concerns around agriculture sector, but there is some visibility of pick up in rural demand.