India Well-Prepared To Deal With Brexit Fallout, Finance Minister Says

24/06/2016 11:55 AM IST | Updated 15/07/2016 8:27 AM IST
Indian Finance Minister Arun Jaitley speaks during a conference on ‘Regulatory Framework for International Financial Services Centre (IFSC) in India’, in Gandhinagar, India, Friday, April 10, 2015. Jaitley announced rules and regulations for foreign and domestic financial services companies who wish to set up operations at India's first IFSC. (AP Photo/Ajit Solanki)

Finance Minister Arun Jaitley said Friday India is well-prepared to deal with short and medium-term consequences of Brexit.

The “immediate, medium-term firewalls” are solid in form of healthy forex reserves, and the government and the Reserve Bank were prepared to deal with any short-term volatility, he added.

Jaitley said the government will aim to smoothen volatility and minimise Brexit impact on the economy in the short-term. The government is “strongly committed to macroeconomic framework with rock solid commitment to fiscal discipline,” PTI reported him as saying.

Economic Affairs Secretary Shaktikanta Das on Friday also said India has the firepower to withstand Britain's likely exit from the European Union, Reuters reported. India will accelerate growth programmes to offset its impact, and does not expect its foreign trade to suffer.

"India is prepared for all eventualities," Das said after the outcome of Britain's EU referendum in favour of quitting the bloc, according to a Reuters report.

Markets across Asia were highly volatile on anxiety over the Brexit referendum as the UK voted to leave the EU.

As of 10:33 am, the BSE Sensex was down 1,039.11 points or 3.85 per cent at 25,963.11.

READ: Asia Markets In Red: Sensex Plunges 1,000 Pts On Brexit Vote

With PTI and Reuters inputs

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