India can achieve a 7 per cent growth in GDP this fiscal with strong economic fundamentals, reforms and a buoyant capital market, Securities and Exchange Board of India chairman G N Bajpai said on Saturday.

"India has very strong economic fundamentals. I believe, the economy can grow by 7 per cent this fiscal," Bajpai said at the investor awareness function organised by the Delhi Stock Exchange in New Delhi. 

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Referring to the worldwide experience, he said, "The capital market helps in growth through better utilisation of resources. A better output-input ratio is possible by investing in the securities market."

Highlighting the market reforms undertaken in the last 15 months, the Sebi chief said, "The Indian capital market today rubs shoulder with most matured markets and in some aspects like rolling settlement, disclosure of financial statements and corporate governance, the country is ahead of them."

"India is among the very few countries, which offer equities, debt -- both corporate debt and government papers -- on a trading platform," Bajpai said.

While the United States, Germany and other matured markets are still following the T+3 system of rolling settlement, he said, "We have moved on to T+2 from T+5 within 15 months. Contraction of settlement time reduces operation risks."

He also pointed to the trade guarantee funds and the central counter party in minimising the risks involved even in a delivery-for-payment system.

Even in terms of disclosures, Bajpai said India has moved on to a principle-based accounting system from a rule-based system.