Nation Well Prepared to Deal with ‘Brexit’ Consequences: Finance Minister Arun Jaitley

Finance Minister Arun Jaitley issued a statement on Friday seeking to bolster investor confidence in India following the aftermath of the E.U. referendum in which the U.K. voted to leave the European Union. The Sensex was down nearly 1,000 points following the results of the poll.

“We are well prepared to deal with the short and medium term consequences of Brexit,” Mr. Jaitley said. “Our macroeconomic fundamentals are sound with a very comfortable external position, a rock-solid commitment to fiscal discipline, and declining inflation. Our immediate and medium-term firewalls are solid too in the form of a healthy reserve position.”

The final Brexit vote stood at 52 per cent voting to exit the EU, and 48 percent voting to remain. The Finance Minister did acknowledge that the Brexit result would affect economies around the world.

“This verdict will, obviously, further contribute to such volatility not least because its full implications for the UK, Europe and the rest of the world are still uncertain,” Mr. Jaitley said. “All countries around the world will have to brace themselves for a period of possible turbulence while being watchful about, and alert to, the referendum’s medium term impacts,” he added.

Mr Jaitley also reiterated the government’s growth forecast for the economy and said it would push for the passage of the GST Bill, adding that the government and the Reserve Bank of India were working together to mitigate any short-term shocks due to the U.K. poll results.

“The government and the Reserve Bank of India, as well as other regulators, are well prepared, and working closely together, to deal with any short-term volatility,” he said. “Our aim will be to smooth this volatility and minimize its impact on the economy in the short term.”

“At the same time, for the medium term, we will steadfastly pursue our ambitious reform agenda including early passage of the GST that will help us realise our medium-term growth potential of 8-9 percent and help achieve our objective of development for all,” Mr Jaitley added.

The Sensex was trading 987 points down as of 11.40 am on Friday.

Stay Connected

19,945FansLike
800FollowersFollow
40FollowersFollow
550FollowersFollow

Must Read

Indian Can Now Buy Land in Jammu and Kashmir

The Central Government issued a notification Monday, Now any Indian citizen can now buy land in Jammu and Kashmir, except agricultural and municipality area. The...

Twitter User Apologizes To Vijay Sethupathi

The Twitter user apologizes to Actor Vijay Sethupathi. The man-made a threatening to the daughter of Vijay Sethupathi has publicly apologized and a video...

Kalathil Santhippom Teaser Released

Kalathil Santhippom is an upcoming Tamil Movie directed by N Rajasekar starring Jiiva, Arulnithi, Manjima Mohan and Priya Bhavani Shankar. Music for the Movie is...

Vijay Sethupathi’s Daughter Sexually Harassed Man In Sri Lanka

Tamil Actor Vijay Sethupathi's Daughter Sexually Harassed Man In Sri Lanka founded by Chennai Crime branch police. It has been revealed that the person...

Related News

Indian Can Now Buy Land in Jammu and Kashmir

The Central Government issued a notification Monday, Now any Indian citizen can now buy land in Jammu and Kashmir, except agricultural and municipality area. The...

Kushboo Sundar Arrested Protest Against Thirumavalavan

Chennai: Kushboo Sunder and BJP supporters were arrested by the police. They were going towards Chidambaram to lead a protest against Viduthalai Chiruthaigal Katchi...

Unlock 6.0: EPS Holds A Video Conference With District Collectors

Chennai: Tamil Nadu Chief Minister Edappadi K. Palaniswami will hold a video conference with the all District Collectors regarding Covid-19 lockdown tomorrow. With the completion...

After Kushboo, Vadivelu Is Going To Join The BJP

The south best comedy actor Vadivelu is going to join the BJP. The social media fully trending about comedy actor Vadivelu going to join...

Govt To Ban Manusmriti says Thol. Thirumavalavan

Chennai: The state and central Government to ban the Manusmriti VCK Founder Thol. Thirumavalavan. Viduthalai Chiruthaigal Katchi (VCK) founder and Chidambaram MP Thol. Thirumavalavan...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.