New Delhi: Exuding optimism of a high growth this fiscal, Finance Minister Jaswant Singh on July 16 said the fundamentals of economy were strong due to good monsoon, low inflation and the satisfactory growth of industry and exports.

"I do assert that the macro economic conditions in the country has not been like this for many past years. We have had a significant amount of growth forecast by various agencies," he told reporters in New Delhi.

On whether he would hazard a guess on the GDP (Gross Domestic Product) growth for 2003-04, Singh said, "I do not want to state anything about the GDP growth rate. You can ask me this after three months."

The Minister said out the core infrastructure sectors, petroleum refineries, coal electricity and finished steel had registered impressive growth rates during the first two months of the current financial year.

Singh said the latest monsoon report had suggested that there was normal rainfall in all the 36 meteorological sub-divisions in the country.

He said the increase in reservoir level in dams and tanks in the country in some cases have been about 300 per cent higher as compared to last year.

Singh said that we have to maintain a soft interest rate so that higher growth in credit to manufacturing and industry is ensured to achieve higher growth.

Stock market continues to show healthy and buoyant growth while financial results of corporates were also robust, he added.

PTI