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.
Driving that growth are two important factors: oil prices and the monsoon season in India, Jayant Sinha told CNBC's "Street Signs."
"If oil prices come down further and we have a strong and good monsoon, we can easily accelerate (growth) over 8 or 9 percent," Sinha said. "A lot of our own policies, and a lot of what the central bank does, is actually set off these two exogenous parameters," he added.
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.
Farmers in India have been struggling for years due to low crop prices, rising costs, widespread droughts and as a result of two landmark policies of the current government — demonetization and the goods and services tax.