In the wake of the Indian markets plummeting to painful lows, Finance Minister Arun Jaitley spoke to Newsmobile and said the idea as of now is to keep cool and stay calm.
In what may come as a relief to Indian investors a day after Indian stock market crashed, Finance Minister Arun Jaitley has assured that Indian investors need not panic.
Jaitley said that the crisis has happened because the Chinese bubble has burst, with actual growth pegged at 5 percent.
Asked on the prospects for Indian investors, he said, “There was no need to panic.”
“India is a net exporter of petroleum products and commodities, the prices have crashed, so we should treat this as window of opportunity,” Jaitley told NewsMobile.
Jaitley, who is a leading lawyer and one of the senior most Ministers of the government and also holds the corporate affairs and Information and Broadcasting portfolio, has an optimistic outlook on the prospects for the Indian economy.
While given that global economy is interlinked, some sectors may get affected.
It may mean cheaper Smart Cities for India and lower infrastructure cost given that copper and aluminium trading is at an all time low as China was the world’s largest consumer.
Another plus is the lowering of global oil prices which can help the government tide over inflation and lower fuel prices.
On the whole, the view from the North Block is keep cool and stay calm.