Recovery in steel and cement segments and plenty of funds available with states for expenditure today gave the centre the assurance that the country will grow by around 7% during the existing fiscal.

During the first nine months of the recent fiscal, the economic system came up by 6.9%, and the government's advance estimations nailed the growth at 7.1% for this fiscal (2008-09).

While answering a question on financial growth, Mr. Pranab Mukherjee, External Affairs Minister, said, "All these are estimates and of course between 6.9 and 7.1 (there is) not much difference, but I do hope when the final figures come out it would be around seven per cent."

The economy grew by 5.3 per cent during the third quarter of the existing fiscal.

To a question whether market is losing confidence because of declining growth, he said, "I don't agree with your (interviewer's) contention."

He said accurate numbers could be recognized only after it gets clear how will India’s economic system react to stimulus packages.

"All these things...have to be seen for example slow revival of steel and cement industry has started, housing industry have been made adequate allocations, states have been provided funds, they themselves have good cash reserves of about Rs 91,000 crore, quite a few of them would like to spend a substantial quantum of money this year... all this would be available after March 31," he added.