Finance Minister Arun Jaitley on Monday played down fears held among some market participants that protectionism will spread globally and weigh on economies, including that of India.

"Hopefully, I think the debate (on protectionism) will settle down and the need for greater liberalisation will prevail," he said at a seminar in Tokyo.

Jaitley also said he expects India to achieve economic growth of 7 percent or above despite any possible negative impact on private consumption from the demonetisation of high-value currency.