File pic of the Finance Minister

India's Finance Minister Arun Jaitley has said that India is ‘well prepared to deal with the short and medium term consequences of Brexit'. While acknowledging its significance in the days ahead and also for the medium term, the FM said that this verdict will, obviously, further contribute to such volatility not least because its full implications for the UK, Europe and the rest of the world are still uncertain.

"We are strongly committed to our macro-economic framework with its focus on maintaining stability. Our macro-economic fundamentals are sound with a very comfortable external position, a rock-solid commitment to fiscal discipline, and declining inflation. Our immediate and medium-term firewalls are solid too in the form of a healthy reserve position."

The FM pointed out that as investors look around the world for safe havens in these turbulent times, India stands out both in terms of stability and of growth.

"India, as you are all well aware, is amongst the fastest growing major economies in the world today. Our growth and inflation prospects are further improving in the wake of the good monsoons that are now moving well across India," he added.

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