India is Well Positioned to get through Global Turmoil: Jayant Sinha
Aug 25, 2015: After the recovery of the stock market, the government said that India is well positioned to get through global turbulence. We are looking at the current situation as an opportunity to ensure that India become the fastest growing economy in the world.
State for Finance Minister Jayant Sinha said that deterioration of Indian rupee against the US Currency was a response to China devaluing its currency to ensure that Indian business remains competitive.He told reporters that we are going through the period of adjustment and re-adjustment, we are well positioned to get through this turmoil.
The BSE benchmark Sensex, which had fallen over 1,600 points, recovered and ended 291 points higher at 26,032.
He said, "India's macroeconomic fundamentals are very strong, and the economy was recovering nicely."
"There was a sense that China wants its currency Yuan to become one of the world's global reserve currency. They want it to be more market determined and saying it as a reason for their devaluation," he added.
He criticized negative mindset of Congress for not letting GST implemented and believed that situation could have been better if GST would have passed.