Dispelling all doubts about the slowdown in economy, Union information and broadcasting minister Prakash Javadekar on Sunday explained it was only a "cyclical process" and the fundamentals of the economy continues to remain "strong".
India received more foreign direct investment (FDI) than China in 2018, the minister said to prove his point.
"Let me make it very clear that sometimes slowdown is a cyclical process. But fundamentals of Indian economy are so strong and they are not being disturbed. Actually, we have received record FDI more than China last year," Javadekar said while replying to a query during a press briefing on completion of 100 days of the Modi 2.0 government.
Asked how the government would reach the $5 trillion economy in 2024 with the nominal increase in economic growth, the minister said: "Our domestic economy is on strong footing and many new industries have come up because of new good governance model and rules which have been changed for foreign investments."
The minister said that the government is expecting that there will be more and more foreign investments and more and more domestic demand.
Dubbing the current economic condition a "patch", Javadekar said the slowdown will not hurt India's progress rate.
The minister asserted that India's growth has been 7 percent in last five years and it would continue in future. "There is no situation to be panicky about. Our economy is strong."