India is likely to register around 7 percent economic growth this year, with second-quarter momentum looking good despite higher oil prices and deficient rainfall, Nilesh Shah said on Saturday.Shah, a member of the Prime Minister’s Economic Advisory Council, spoke to ANI on the sidelines of the 5th Kautilya Economic Conclave in New Delhi.“I think our growth will be around 7% in the future. The momentum of the second quarter is good. Obviously, there are concerns.

Higher oil prices. Deficit of rain. But I expect 7% growth this year,” he said.On the West Asia crisis, Shah said rising oil prices could affect the economy through many channels.

“When oil prices rise, inflation increases. Interest rates rise. The rupee gets weak.

Growth is impacted. Corporate profitability falls,” he said.On UPI charges, Shah said there was no merchant discount rate on transactions below Rs 2,000. He called UPI one of the best payment products in the world but said maintaining it needed money.