In the midst of the global uncertainty, union Finance Minister Mr. Arun Jaitley has said that it is of prime importance for India to come out of the global crisis as the country is on a much stable side when compared to other countries.
- Many factors have contributed towards the global uncertainty and the world is likely to experience a sluggish growth as well throughout this year. Mr. Jaitley also said that instability has become a regular affair in the world but the world’s largest democracy is practically “un-impacted” with some of the factors that have caused the global economic turmoil.
- Indian economy is expected to grow between 7 to 7.5% in the current financial year. He also said that amidst the global crisis India has managed to stay atop and that has grabbed the world’s attention right back to it.
- Since the global financial crisis of 2008, the world economy has not been able to fully gain its momentum and no one could have guessed China’ slowdown. In these crises, India has been able to maintain “macroeconomic situation” which is far more effective than it had been in the past crises and thus India has emerged the fastest growing economy in the world.
- He further added that global investors are showing much more interest in India but merely organizing summits or investor meets will not help solve problems. Here comes the challenging roles of the governments, both central and states to have stable policies, relaxing norms, ease of doing business, transparent governance etc.