No need for exaggerated panic, have faith in Indian economy:FM

Talking to reporters at the Finance Ministry a day after the stock market benchmark Sensex saw a massive 807-point plunge and rupee hit its 29-month low, Jaitley said the government will continue to pursue policies to support growth amid global slowdown.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney IThe Winning Leap SME Special
Moneycontrol

Home » News » Economy

Feb 12, 2016, 08.11 PM | Source: PTI

No need for exaggerated panic, have faith in Indian economy:FM

Talking to reporters at the Finance Ministry a day after the stock market benchmark Sensex saw a massive 807-point plunge and rupee hit its 29-month low, Jaitley said the government will continue to pursue policies to support growth amid global slowdown.

Like this story, share it with millions of investors on M3

No need for exaggerated panic, have faith in Indian economy:FM

Talking to reporters at the Finance Ministry a day after the stock market benchmark Sensex saw a massive 807-point plunge and rupee hit its 29-month low, Jaitley said the government will continue to pursue policies to support growth amid global slowdown.

Post Your Comments

Share Cancel

No need for exaggerated panic, have faith in Indian economy:FM
Amid continued nervousness in the stock and currency markets, Finance Minister Arun Jaitley today sought to calm the frayed nerves saying investors must keep faith in the "inherent strength" of Indian economy rather than getting swayed by the global headwinds.

He also stressed that the government will soon announce more steps to empower public sector banks to recover bad loans that are hurting their profitability.

Talking to reporters at the Finance Ministry a day after the stock market benchmark Sensex saw a massive 807-point plunge and rupee hit its 29-month low, Jaitley said the government will continue to pursue policies to support growth amid global slowdown.

"... It would be a part of prudent investment reaction that the inherent strength of Indian economy is kept in mind by investors, rather than react disproportionately to what the global developments are," Jaitley said.

The minister said that a major sell-off in global markets has created a chain reaction impacting the markets world over including in India.

After Thursday's bloodbath, the Sensex lost further ground this morning but managed to close with a gain of 34.29 points at 22,986.12 after domestic institutional investors pitched in to buy shares in afternoon trade.

Rupee ended yesterday 45 paise lower at 68.30 against the US dollar, but saw some strength coming back today.

"There could be several reasons, which are predominantly outside the country -- The uncertainty in the Fed rate or what's happening in Europe or the slowdown anticipated in China. Now, these global factors will remain and will have to be tackled globally by those economies.

"... there need not be any exaggerated panic in India for the reason that India as an economy even in the midst of global slowdown has clearly stood out to maintain a 7.5 per cent plus growth rate," Jaitley said.

On the mounting NPAs of public sector banks, he said the government is considering more steps to empower banks to recover bad loans and the problem will be contained soon.

"The bankruptcy law is under active consideration. The government is also considering some further steps to empower banks to be in a position to recover these monies (non- performing assets). I think it is a problem which will soon come under control," said Jaitley, who will present his second full Budget on February 29.

Buy, Hold, Sell ? Hear it first on M3
No need for exaggerated panic, have faith in Indian economy:FM

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login