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India in bright spot despite global uncertainty: FM Arun Jaitley

The best immunity for the economy against a slowdown in the global market is to strengthen our own fundamentals, which is a great opportunity for the country.

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Finance Minister Arun Jaitley
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While speaking at the Indian Chamber of Commerce in Kolkata, Finance Minister Arun Jaitley said that India's potential growth rates indicate that the country is in a comparatively global bright spot. He said that global winds are not very friendly currently, and much like last year, the International Monetary Fund has flagged concerns by estimating that the world isn't likely to grow at a fast rapid pace. 

However, Jaitley said that the current slump in the global economy poses both, challenges and opportunities for India. 

He said that the best immunity for the economy against a slowdown in the global market is to strengthen our own fundamentals, which is a great opportunity for the country. A large number of competing economies in the world are faced with much greater challenges, he said. 

Jaitley cited that the sharp fall in oil prices is leading to a transfer of wealth from oil producing to oil consuming economies. "At the current level of oil prices, as an oil consuming economy we should be comfortable; commodity prices are extremely modest", he said. 

The Finance Minister brushed off worries about a monsoon deficit, saying that there was only a "slight inadequacy" in monsoon, and that barring two-three small pockets, by and large, the time-table and geographical spread was comfortable so far. He also said that sowing is expected to be much better this year. 

Jaitley said that despite the economic headwinds worldover, foreign exchange reserves and the inflation situation in India is also very comfortable. 

Jaitley on Sunday inaugurated the Bandhan Bank, India's first new private sector bank in 11 years. 

(With inputs from ANI)

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