Global turmoil shouldn’t be a cause of worry: Arun Jaitley

Finance minister Arun Jaitley.

Indicating the government’s intent to speed up reforms, finance minister Arun Jaitley on Tuesday stressed that the turmoil in global markets should not be a cause of worry for India but should instead be seen as an “opportunity. “Can we convert this into an opportunity? Wherever we are lacking in further reforms, can we just speed them up? (Can we) expedite our own expenditure” he asked at a function of Society of Indian Law Firms (SILF).

He further said the crude oil prices hitting lowest levels in over six years and the slump in commodity prices are expected to benefit a net importer like India.

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He added that India is the only major economy in the world that is growing at 7-8 per cent and “everybody else is far below”. “You may be able to attract more people in the world… Do we go on the back-foot as there is a dangerous situation? Let’s not worry about what happened in last 24 hours,” he added.