Former President Pranab Mukherjee has been conferred with the Bharat Ratna

Citing a report by the International Monetary Fund on the Indian economy, former president Pranab Mukherjee on Saturday said there are chances for India to retain the position of world's fastest-growing major economy for a consecutive third year.

Addressing the media on the Republic Day, the former president said, "In 70 years, a lot of things have developed in India. India, which was a victim of colonial exploitation for 200 years, today can stand on its feet. Latest IMF report states, India is consecutively enjoying having highest growth rate for two consecutive years. There are possibilities of a third year too. This is because of the contribution of Indian farmers, youth and others. The biggest contribution is of the efforts common man is doing to save national unity and integrity."

In its report, the IMF said the Indian economy is expected to grow 7.5 per cent in the 2019-20 financial year while global growth is estimated at 3.7 per cent.

"India's economy is poised to pick up in 2019, benefiting from lower oil prices and a slower pace of monetary tightening than previously expected, as inflation pressures ease," the IMF said in the World Economic Outlook update.

Mr Mukherjee, who has been conferred with the Bharat Ratna, the highest civilian award of the country, expressed gratitude in receiving the honour. "I would like to express my deep gratitude to the people of this country... I always say it, and I would like to repeat it, that in my public life I've received much more from the people and from this country than I have given to it," Mr Mukherjee said.

"At the same time, with all humility, I accept this honour. I have conveyed my appreciation by talking to the President of the republic. I also convey my deepest gratitude to the people of this country," he added.