Finance Minister Arun Jaitley has expressed his confidence that India would sail through global turmoils without much adverse impact. Jaitley said that 'I am one of those who believe that we have learnt to live in the era of turmoils. Whether it was Greece crisis, or China devaluation or speculations about rate hike by the US Fed. Every day, something or the other impacts the market. As policy planners, we cannot really hedge our bets (on these factors)'. He added that impact on the market does create an optical impression of some kind of a turmoil,' and the policy makers should not be perturbed by such transient factors.
Jaitley in the second leg of his four-day visit to Singapore and Hong Kong, said that India is one of the fastest growing economies in the world and certainly it can't be amid any disappointment or disillusion. He added that the world has become an uncertain place because traditionally strong economies are facing their own challenges and everyone will have to live up to a situation where many unpredictable things can happen.
Though, he admitted that there would certainly have been an impact if the US central bank had raised the rates. He further stated that markets will keep moving up and down. Even if change had taken place in the Fed rate, the market would have been impacted for some period of time and then would have stabilised.
Talking about the government measures he said that there have been a series of reforms. The government has become far more decisive. There is a lot of economic activity that is happening and even in the midst of the global economic slowdown, our figures are much better. There is a lot of excitement that the investment people now have. The FDI inflows have significantly improved and investors are looking at different sectors in India, including infrastructure, smart cities, manufacturing sectors and services. Public investments have gone up significantly by about 39% and FDI this year has improved by 49% from the previous year.
