Arun Jaitley Says Indian Economy More Stable Than Ever Before

Arun Jaitley, the finance minister of India is pushing for the country to leverage all of its financial strength to plough through the global economic slowdown and markets that are extremely volatile and unpredictable.

The finance minister shared his views on the Indian economy during a speech at the recent Invest Karnataka 2016 summit, where he stated that India is currently in a strong position and on a more stable footing than most of the other countries. The Indian economy has continued to remain robust despite the falling prices of oil and commodities and the fluctuations in global markets and foreign exchange.

The Invest Karnataka 2016 summit was held to attract more investors and bring in a lot more investments into the state of Karnataka.

The state is currently looking to develop fourteen focus sectors that deal with the likes of defence, energy, biotechnology and textiles. Countries such as Japan, the UK, France, Italy, Germany, Sweden, and South Korea have sent large delegations to the summit as they are interested in investing into the Indian economy. Last month UK Chancellor George Osborne and Jaitley met in London as a part of the 8th UK & India Financial & Economic Dialogue to discuss initiatives for deeper economic ties.

A number of senior business leaders from the country also took time to attend the event along with senior ministers from the central and state governments. Some of the top entrepreneurs who visited the event included Ratan Tata, Kumara Mangalam Birla and Azim Premji.

Jaitley also asserted that the Indian economy had a lesser impact due to the global crisis when compared to a number of other countries who have been shaken with these global meltdowns.

The finance minister stated that India can take pride in the fact that it has remained considerably resilient in face of multiple financial crises in 2001, 2008 and 2015. He went on to say that despite a number of adversities, India has managed to improve its macroeconomic situation because of which the country has continued to be the world’s fastest growing economy.

In a statement, Arun Jaitley, Finance Minister, said,

Under these circumstances when comparable economies are struggling we have an important and powerful opportunity in front of us in order to make sure that our own domestic economic systems are strengthened.

Jaitley stated that that there was not enough clarity on how the global economy will progress in the next two or three years. According to him, apart from few indirect consequences, China’s slowdown has not impacted India majorly and India today has a great opportunity to continue to improve its domestic economy and become even more resilient.

---