Union Finance Minister Arun Jaitley has said that the forecasted higher rainfall may help India to grow faster. Speaking at the Carnegie Endowment for International Peace event in Washington he said that he has seen in the last two or three days the weather predictions seem to be much kinder to India this year, and if that were to happen, India is capable of improving upon our growth rate," Jaitley said.

"On 7.5% by global standards or by world standards in the current situation are we doing well? The answer is Yes. But by our own requirement standards are we doing well enough? I think, we can do better," Jaitley said.

Expressing concern over the decline in India's exports, Jaitley said that the country's growth parameters were on track and the government is confidently moving ahead on its reform agenda with inclusiveness and successfully meeting all its fiscal parameters.

"The fact that in this otherwise a globally adverse environment by putting some domestic policies in place, by using investments and surpluses, cleverly we have managed to sustain some growth. One of the biggest areas of worry has been the declining exports," he said.

"Does 7.5 % satisfy either the Indian government, me or the Prime Minister or India's political opinion, the answer is no. I think, by our own yardstick, we realise that, we have the potential in a helpful environment to do better," he said.

"But if hopefully with any of these variable factors growth returning to the rest of the world at some stage, better Indian monsoon and continued favourable environment of oil prices and the impetus of policy direction in India, if the reforms go on, if we are able to cross those hurdles, our ability to do much better would be there," Jaitley said.

"Two years after the BJP came into power there is a change in India's economic situation. Under the leadership of Prime Minister Narendra Modi and Jaitley, India, today is the world's fastest growing major economy," Carnegie's president William Burns said, adding that the inflation was moderated and the government was committed to reforms.

In the past 21 months the key emphasis of the Modi government has been - decisiveness, consistency in terms of policy direction and transparency in functioning, Jaitley said. "In terms of economic direction, this government is yet to commit a major mistake," he said.

Union Finance Minister Arun Jaitley is in Washington for the IMF and World Bank's semi-annual meetings. A meeting of the G20 major economies is also due to take place.

The stock market shares have rosen to nearly 2% on Wednesday to their highest level in more than three months, as easing inflation and the rainfall forecast bolstered expectations of higher economic growth and more rate cuts by the Reserve Bank of India.

By Premji