India is no exception to serious economic woes that are being faced the world right now, the new chief economic adviser in Ministry of Finance said.

Renowned economist Raghuram Rajan on Wednesday assumed charge as the 15th chief economic adviser in the finance ministry. Mr. Rajan, an ex chief economist at the IMF, replaced Kaushik Basu, whose three-year term came to an end on 31st of July.

After assuming his new role, Mr. Rajan, who until now was a professor at Chicago University's Booth School of Business, said he was glad to join his new duty. But, he warned that India can not evade the prevalent world economic challenges. However, he added that he could help devise some solutions in recent future.

Speaking on the topic, he said, "The world faces serious challenges right now and India is no exception... I hope that over the coming days, I can help in whatever solution we devise."

Mr. Rajan will play a crucial role in devising a strategy to deal with the economic challenges amid lethargic industrial growth and poor business confidence.

The official data about India economy's performance in the quarter to June 30 is due Friday. A recent survey forecast that the India economy grew at a rate of merely 5.3 per cent during the three months to June 30. Several economists even fear that the numbers could be worse than the projected 5.3 per cent growth rate. Gross domestic capital formation has dropped by 4.3 percentage points between 2007-8 and 2011-12 as investors pulled back due to policy paralysis in the country.