Dr Saraswat was speaking on the sidelines of the second edition of India Conference on ‘Innovation, Intellectual Property and Competition’ held at the Indian School of Business in Hyderabad.
The report said that such growth can only be sustained by the various cycle of savings, investment and exports.
The annual Economic Survey stated that the real gross domestic product growth for the fiscal year started April 1 is projected at 7 per cent.
Nirmala Sitharaman said the demonetisation of bank notes of Rs 500 and Rs 1000 denomination resulted in significant positive impact.
The minister added that an unprecedented level of devolution of funds has taken place from the Centre to the states which has increased in recent times from Rs 8,29,344 crore to Rs 12,38,274 crore.
Sentiment returning to pessimistic territory adds to the challenge of policymakers trying to boost consumption and investments in an economy growing at the slowest pace since 2014.
As per Sitharaman's Twitter handle, messages with themes such as the upcoming Budget 2019, disinvestment, new economic reforms such as GST 2.0 have been gaining traction.
The Central Statistics Office (CSO) also revealed that GDP growth during 2018-19 fiscal stood at 6.8 per cent, lower than 7.2 per cent in the previous financial year.
The Commerce Minister also emphasised on focussing on district-development led growth to drive inclusivity in the society.
With the bankruptcy regime in India evolving and improving, the focus must be on reducing, even more, the time required to resolve bankruptcies for improving the "time value of money".
About 100,000 children in India die every year from waterborne enteric diseases like diarrhoea, researchers said.
Dun and Bradstreet's latest Economy Forecast, subdued consumption demand and election-related uncertainty expects Index of Industrial Production to be moderated by 1.0-1.5 per cent during March 2019.
Counsellor Ashish Sinha noted that India improved its ranking by 23 positions in the World Bank's Ease of Doing Business rankings last year.
Government officials are working on reforms to be implemented post polls, fearing a sluggish growth period in the year ahead.
Gandhi's comment came a day after his party alleged that despite "fudging" of data by the Modi government, India's economy continues to slide.