Prakash Javadekar said banks in the country have not closed down, and depositors should not worry (File)

Union minister Prakash Javadekar said on Saturday that an "atmosphere" of economic slowdown prevailed world over, but India is still the "fastest developing" economy.

Speaking ahead of October 21 Maharashtra Assembly polls, Mr Javadekar also said that the BJP was banking on the government's performance, while the opposition is bereft of issues and frustrated.

The BJP-led NDA alliance will win 222 of the 288 Assembly seats in Maharashtra, he claimed. "Several of opposition''s candidates have conceded defeat, stopped campaigning and also stopped spending money," he added.

Asked why the BJP's campaign focused more on issues of nationalism at a time of economic slowdown, Mr Javadekar said the "atmosphere" of slowdown prevails world over.

"China has seen its growth rate fall from 11 per cent to 6 per cent. Such atmosphere prevails in Europe and US too. India''s economy is still the fastest developing in the world. This is a fact," he added.

To another question, he said banks in the country have not closed down, and depositors should not worry.

"Employment is continuously increasing...yes, there were problems in manufacturing and exports sectors. Problems surface in some sectors, but measures are taken immediately. This is a government which takes decisions, not one which sits idle," he said.

About former Prime Minister Manmohan Singh's statement that the Narendra Modi government's target of making India a 5 trillion dollar economy by 2024 looks unfeasible, the minister said India reported average growth rate of more than 7 per cent "in the past seven years".

"This is the achievement of last five years. Secondly, it may be the Congress's thinking that you won't do well next year because you haven't done well now, we don't think so. We do not agree with Manmohan Singh," Mr Javadekar said.