Finance Minister Arun Jaitley stressing that India is on a stabler and higher footing when compared to other nations and as unpredictability and volatility have become the new global norm, has said India should emerge out of the global crisis much stronger as it is relatively unimpacted by some of the factors that have caused the global crisis. Jaitley stated that 'the world faces a very difficult and challenging situation. In the global situation, India is being distinctively noticed. It is being noticed for the reason, that even though there is the global slowdown, India has comparatively stood out. “
Jaitley further said that though the lower prices of oil and metal commodities substantially suits the country, it indirectly impacts as it make our exports shrinks and makes the market more volatile. However, the country is still on much higher and stable footing compared to rest of the world.
Highlighting the 2001, 2008 and 2015 global crisis, he said that the country should get solace from the fact that during those times India displayed a considerable amount of resilience. The Minister said that while looking down the tunnel over the next two to three years, it is still not clear which way the global situation will be moving. In the current fiscal Indian economy is expected to grow between 7-7.5 per cent . Last fiscal, it grew 7.2 per cent.