Government has expressed satisfaction over strong fundamentals of Indian economy and said that various measures taken by it would help to sustain adequate growth rate for the fiscal. However, it admits slowdown of Indian economy that may continue until September this year.

The chief economic adviser at the finance ministry, Arvind Virmani, said, "From October (2008) to September 2009, I believe that growth will be slow. Growth will be slow in the first and second quarter of the next year, but I believe we have an opportunity with appropriate monetary, fiscal and other policies of starting to pick up thereafter."

Mr. Virmani ruled out deflation in economy but hoped further decline in inflation rate in couple of weeks.

Experts believe that Indian economy would grow at 7.1 percent, against 9 percent in last three years, during the current fiscal ending March 31. Economic growth rate may further decline in financial year 2009-10 with country's GDP already dived to a six-year low of 5.3 percent in December.

Former Finance Minister and current Home Minister, P Chidambaram, said, "By the third and fourth quarter of next fiscal, I am confident the economy will show an upturn and clock a seven per cent growth." (With Inputs from TopNews correspondents in India)