NEW DELHI: Union Finance Minister Arun Jaitley said that the impact of the global economic turmoil over the Indian economy will be relatively less when compared to other countries. The Finance Minister was addressing the media after a meeting with the Prime Minister Narendra Modi along with other industry leaders.
Elaborating about the meeting which lasted for about 3 hours, Finance Minister Arun Jaitley said that 27 Industrialists have took part in the meeting with each member speaking about the global economic turmoil and its impact over the Indian economy.
“By and large, a major crux of the entire discussion was that in terms of its economy, India is relatively untouched,” Arun Jaitley said.
“The ease of doing business, cost of labour and capital, stalled projects were among important issued raised by participants at the meeting,” Jaitley added.
CII president Sumit Mazumder told the reporters that the Prime Minister has asked the industries to take risks and increase investments, taking advantage of the lesser impact of the global economic turmoil on India.
On the other hand, several Industry leaders pitched for interest rate cut saying that it will help them to take risks and scale-up the investments.
Assocham president Rana Kapoor said that Prime Minister asked industry to “catalyse risk taking ability”.
He said that the issue of capital requirement of banks to meet economic growth and the need to bifurcate bad assets of the banking system came up for discussion, the Times of India reported.