BackFundamentals of Indian economy are strong: Arun Jaitley
The sensex on Monday fell 1,624.51 points, or 5.94%, to close at 25,741.56 in response to the slowdown in the Chinese economy
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New Delhi: The impact of global developments on the Indian stock market is “transient and temporary" and the fundamentals of the Indian economy are strong, finance minister Arun Jaitley said on Monday.
The sensex on Monday fell 1,624.51 points, or 5.94%, to close at 25,741.56 in response to the slowdown in the Chinese economy.
“There is great amount of global turbulence in the market. Obviously, the impact has been felt in the Indian markets as well. The reasons are entirely external. There is not even a single domestic factor that has contributed or added to it. The impact on the Indian stocks is transient and temporary in nature. Markets will settle down," he said on the sidelines of a conference organized by the Central Board of Excise and Customs.
“The government and the Reserve Bank of India are watching the global situation and its impact on Indian markets very closely. As far as India is concerned, our response at this stage is very clear. We have to strengthen our own economy. We have to continue to be a best performing economy globally," he said adding that most of the domestic indicators are strong.
“Once these transient trends are over, markets will settle down," he added.
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