‘Unpredictability, volatility have become new global norm’
New Delhi : Even as the Indian economy is growing as a faster pace than most countries, policymakers have their share of sleepless nights, Finance Minister Arun Jaitley said, adding that improving private investment, and boosting rural demand remain key challenges.
While unpredictability and volatility have become the new norm globally, India is on relatively firm footing, and is somewhat insulated from the factors causing the turmoil in financial markets. “In these circumstances, it is extremely important for India to emerge out of this crisis even stronger. We are relatively unimpacted by some of the factors which have caused the global crisis,” Jaitley said, speaking at the Invest Karnataka 2016 summit.
The sharp fall in prices of commodities such as crude oil and metals augurs well for the Indian economy, which is an importer of these commodities, he said.
While the turmoil in global markets indirectly impacts India by way of its currency volatility and a hit on exports, weakness in China does not affect India directly, the finance minister said.