Jaitley says India is still on higher footing as compared to rest of the world amid global crisis

In the backdrop of global crisis, Finance Minister Arun Jaitley said India is ‘relatively unimpacted’ by some of the factors.

Addressing the Invest Karnataka 2016 summit, Jaitley said it is important for the country to emerge stronger amid global crisis.

"Unpredictability and volatility have become the new global norm. In these circumstances, it is extremely important for India to emerge and emerge out of the crisis even stronger," said Jaitley.

"Lower prices of oil and metal commodities substantially suit us. It indirectly impacts us because it shrinks our exports; it makes our markets more volatile, currency more volatile. But compared to the rest of the world, we are still on a much higher and stabler footing," he said.

Meanwhile, the Indian economy grew 7.2 per cent and is expected to grow between 7-7.5 per cent in the current fiscal.

"The world faces a very difficult and challenging situation... In the global situation, India is being distinctively noticed. It is being noticed for the reason, that even in the midst of global slowdown, India has comparatively stood out," he said.

He said that while looking back at 2001, 2008 and 2015 global crises, India can take some satisfaction in the fact that the country displayed a considerable amount of resilience during those times.

Since the 2008 crisis, the global economy has not been able to pick up momentum, with some country or the other facing problems.

Stating that nobody could have expected China to grow indefinitely at a double digit growth rate, Jaitley said China's "slowdown itself doesn't directly impact us, except for some indirect consequences.

"Under these circumstances when comparable economies are struggling we have an important and powerful opportunity in front of us in order to make sure that our own domestic economic systems are strengthened."

Betting big on the global investors meet, the Karnataka government is looking to attract twice the Rs 1.30 lakh crore investment it has wooed in the last two years.

(Image: Indiatimes)