India Poised For World-Beating Growth, Government Adviser Says

Data next week is likely to show the economy expanded 7% in the year that ended March, according to Bloomberg estimates.

India's strong credit demand and softening crude oil prices could buoy the economy, putting the South Asian country on course for a 6.5% expansion this fiscal year, according to a top adviser to the Finance Ministry.

These indicators together with an uptick in construction activity may shield the economy from slower global growth and weather-related risks, Chief Economic Adviser V Anantha Nageswaran said in an interview at his New Delhi office.

Data next week is likely to show the economy expanded 7% in the year that ended March, according to Bloomberg estimates compiled on Thursday. While higher borrowing costs might have slowed some activity, India remains the world's fastest-growing major economy, outpacing China and drawing foreign inflows into the equity markets.

"In the economic survey we said 6.5% is our baseline with the downside risks more than the upside risks and we maintained it in the April monthly economic report," said Nageswaran, who advises Finance Minister Nirmala Sitharaman, and is the lead author of the government's annual economic report card.