India's minister of state for civil aviation, Jayant Sinha, said oil prices and the monsoon season dictate a lot of government policies in the country as well as the central bank's moves.
India's economy is"well-positioned" for further growth as it is supported by manageable levels of inflation and government debt, the country's minister of state for civil aviation told CNBC Friday.
India is a net importer of oil and benefits whenever crude prices decline. It also has a sizable agrarian economy which is often supported by the government during instances of poor monsoon seasons. "And then there's one additional point which is very important," Sinha added."India is not an over-leveraged economy. If you look at our debt-to-GDP ratio, for the overall economy, that is in the 140-150 percent debt-to-GDP and that includes all kinds of debt."
"Whereas our economy is churning out 7-7.5 percent growth without much leverage," he said, pointing out that investments in the country are still moderate."As investment levels start to increase, as we continue to be in this macroeconomic sweet spot, we are going to accelerate further when it comes to growth. We are very, very well-positioned as far as growth is concerned in India.
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