Raipur (Chhattisgarh), (IANS) Union Finance Minister Arun Jaitley on Monday said the Indian economy was capable of withstanding any adverse condition, and that the cycle of ups and downs was ever-continuing.

Speaking at the first national conclave on mines and minerals in the state capital, Jaitley said the mining sector the world over was facing a crisis and prices of all types of ores/minerals were falling but India remained unaffected.

He said he hoped that India’s Gross Domestic Product will grow at a faster rate in view of predictions of a good monsoon this year.

The minister said income from the sale of ores/minerals extracted from a particular state should be used for the development of the region/area concerned, for which the government had formulated the Pradhan Mantri Khanij Kshetra Kalyan Yojana (Prime Minister Mining Areas Welfare Scheme).