According to Mr. Kaushik Basu, chief economic adviser in the finance ministry, the country’s financial system will grow at 7.6% in the financial 2012-13.

"India should continue to aim to bring down debt-GDP ratio," Mr. Kaushik said.

The economic system probably developed 6.9% during the last financial year, its dimmest in three years.

Mr. Kaushik stated that the volatility of the Indian currency was a big worry and that the administration was watching it in an attentive manner.

He further stated that a possible break down of the eurozone will have a huge impact on the Indian financial system.

Echoing the same reaction, Mr. Montek Singh Ahluwalia, Deputy Chairman of the Planning Commission on Thursday stated that the viewpoints of a 9% financial growth are clouded at the moment.

Ahluwalia was of the view that a structural change was essential for positive expansion.

Last week, Finmin Pranab Mukherjee stated that the reverse of policy rates will aid perk up investments and improve business reactions and the administration was dedicated to keeping subsidy at below 2% of GDP in existing fiscal year.

The Indian financial system is more resilient than many other countries to withstand this fresh round of worldwide financial turmoil, as the bulk of the country's gross domestic product is domestic demand driven, he said according to an official statement.

Sharing worry over the slow speed of key reforms in the country, Mr. Mukherjee stated that delays are foreseeable in a coalition-run administration as it has to take on board aspects of different ruling associates and the procedure is lengthy.

Significantly, Mukherjee stated, "Discussions are also underway about decontrolling some of the administered fuel prices".