New Delhi, Sep 10 (IANS): Terming India as the fastest growing economy, the government's chief economic adviser Arvind Subramanian on Wednesday said that actions were required to tap the potential opportunity in the wake of global turmoil.

"They (opportunities) have to be realized through actions," Subramanian said during a panel discussion at "The Economist" magazine's annual conference here.

Noting the Indian economy was growing at the highest rate and would remain an attractive destination for global investment, Subramanian said actions were needed in areas like land, labour and capital market.

The Indian economy accelerated by seven percent in the first quarter of the current financial year.

Finance Minister Arun Jaitley on Tuesday said India was transiently impacted by the recent development in China, saying global economic condition presented an opportunity for India.

"Being a net importer of commodities globally, the low oil prices are an opportunity for us," he said.

A slowdown in the Chinese markets, which led to global markets' crash, coupled with rupee volatility and the risk of a US rate hike, knocked out the Indian equity markets last month.