New Delhi : Seeking to calm jittery investors after bloodbath on markets, Prime Minister Narendra Modi vowed to push ahead with reforms agenda and increase public spending as part of drive to strengthen economy.
Modi, who reviewed the crash on stock markets and plunge of rupee with Finance Minister Arun Jaitley and other top officials, underlined that the economy was stable and problem was external and not internal. Jaitley said the government as well as the regulators Reserve Bank and Sebi were keenly watching global developments but there was no need for bailout package as of now. Modi was of the opinion that “our economy is stable” but more needed to be done, Jaitley said, adding, “we will keep watching the situation and respond when required.” Jaitley said that further discussions will be held “very shortly” with financial institutions, private and public partners to take “measures to attract investors and use the situation as an opportunity.”
