India’s union Finance Minister Pranab Mukherjee has said on Monday that he is confident on the country’s economic growth.

He said that the country’s economy will capitalize on its strong fundamentals and resilience to improve the growth rate. He pointed out that even as the latest economic data indicates that the country’s growth has slowed down, the country still remains the second fastest growing economy in the G-20 after China.

Mr. Mukherjee pointed out that the GDP growth had slowed to 6.9 percent during FY09 but it recovered quickly to record a growth rate of 8.4 percent in just two years. He noted that resilience, basic fundamentals of the economy, high rate of savings as well as substantial investments from domestic savings would help the economy increase the rate of growth.

"Therefore these two basic fundamentals and resilience of the economy clearly demonstrates that Indian economy will grow at a faster pace. Moreover there is important factor, a huge market, growing purchasing power, growing middle class, the domestic demand driven factors to provide the stimulus to the growth elements in Indian economy is very strong. Therefore I do feel Indian economy would grow faster," Mukherjee added.

He was speaking at a press conference during his visit to Washington, where he is present to attend annual spring meeting of the International Monetary Fund and the World Bank.