India's economy will grow 8% this fiscal while agricultural growth is expected to be over 4%, Union Minister Arjun Ram Meghwal said on Sunday.

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"In Asia, China was growing at 8% for the past 20 years. Now, we have seen some decline. India is growing at 7%... This year we are hoping that our agricultural growth will be reaching more than 4%," the Minister of State for Finance and Corporate Affairs said.

"Since 1952, we are fixing a target of our agricultural growth at 4%. First time, this year in the history of India we will achieve 4% in agricultural growth. That will be an achievement. Our economy will definitely reach 8%," Meghawal said in his address at the ICAI International Conference 'Jnana Yagna' in Hyderabad.

Interacting with the delegates, the Minister said the ICAI members should be able to convert threats into opportunities.

He also said the Prime Minister Narendra Modi-led government will not tolerate corruption at any level.

"There is no corruption in all the 72 departments (and) ministries in the centre due to the call given by Prime Minister Narendra Modi that he would not allow corruption. We want to destroy that particular system (related to corruption). So, we need your (chartered accountants) help as a technical person," he said.

The Minister said the 21st century would belong to India led by its knowledge.