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Commerce and Industry Minister Piyush Goyal has expressed confidence that India's economic growth by end of this fiscal will be back on track despite global uncertainties. He said that this year also India will be the world's fastest growing economy.

He stated ‘We had an election in the first quarter and during the election, obviously policy making and decisions on next steps of growth or infrastructure spending does slow down and there is a lag effect. But from what the initial numbers for this quarter, the third quarter show, the festive spending, the rebound in rural growth, the way banks are now seeing traction back again, the way infrastructure spending has come back on track, I think by the time we close the year in March, we will be back on track.’

Besides, he said India's engagement with modern technologies and innovation will define the country's growth story. He added that the negative and false narratives of the opposition parties are not going to hold back the country's economic growth.

The latest government data showed India's economic growth slowed to near two-year low of 5.4 per cent in the July-September quarter of this fiscal due to poor performance of manufacturing and mining sectors, but the country continued to remain the fastest-growing large economy. The gross domestic product (GDP) had expanded by 8.1 per cent in the July-September quarter of the preceding fiscal.