The Indian economy is managing to do well despite the adverse global economic circumstances and other headwinds blowing against it, said Finance Minister Arun Jaitley on Monday. Addressing a gathering of Indian businessmen in Dubai, Jaitley said that economic crises used to occur once in 10 to 15 years before, but now they are more frequent and the impacts are more often.
Referring to the frequently occurring crises, the Minister who is on a two-day visit to the United Arab Emirates said “under these circumstances India has to find it’s own level.”
“Despite adverse global circumstances, India is still managing to keep ahead. We have our agenda full in terms of reforms and investment into key areas,” he said adding that the government has opened up more sectors for investment.
The economy of a nation cannot be judged purely by the economic conditions of that nation, the international markets have a huge role to play in it, explained the Minister. Pointing his finger at the shrinking global economy, Jaitley said that it has “adversely affected India’s export market”.
He also mentioned bad monsoons of the past two years to explain how “the headwinds are against us”.
Speaking in UAE, a country that has over a million Indian migrants, the Minister said that in the next 20 years the “assertion and visibility” of people of Indian- origin is going to hugely increase around the world.
“We are in a situation which is opposite to many parts of the world. We have a surplus human resource which is creating huge Indian diaspora around the world,” he said.
UAE being a large oil reserve, the Finance Minister said low oil prices during the last few months have created a favourable environment for the Indian economy. It has helped absorb the loss faced by oil companies and kept inflation under control, despite enabling the government to rationalise subsidies, he said.
The Finance Minister’s visit in UAE was aimed at wooing investors with attractive investment opportunities in India.
(With inputs from PTI)