Amid subdued global economy, Finance Minister Arun Jaitley has termed India as one of the “sweet spots” in the global economy, and expressed his confidence that the country’s economic growth outlook looks better and would continue to boost on the back of a normal monsoon.
Jaitley also expressed his optimism saying that it looks like rains are going to be good and India can grow very well. He stated that the time when there was a global slowdown and when the country was monsoon deficit, India remained the fastest growing developing economy last fiscal, clocking a 7.6% GDP growth. He said that at a time when the global economy is slow, India is an example with its higher growth rate and is ready and capable to deal with such changes and perform.
Commenting on Brexit and its impact, Finance Minister said that there was anxiety all over the world that it would have an impact on the currency and stock markets. However, India turned out to be less impacted as among the few countries, in fact the impact lasted for only a day. This indicates the robustness of the Indian economy and displays its capacity to handle changes.
The finance minister said that the commodities market has witnessed a rough time with prices hit rock bottom but with the growth in GDP, the application of the mineral resources would improve and has urged the private sector as well as foreign investors to invest in India's mining sector at a time when the industry is down. He asked the industry captains to continue investing in the sector so that they could reap the benefit in future when the prices of their commodity look up.