NEW DELHI: Indian Finance Minister Arun Jaitley had on Tuesday warned that the terrorist organization Islamic State or the ISIS may soon impact the global economy as it poses to be a new danger to the civilization. Mr Jaitley said that the terror outfit ISIS cannot be under estimated given the potential it has to impact the Global economy.
Speaking at an ASSOCHAM event, the Finance Minister said, “In a situation where the terror organizations like ISIS are gaining more power through acquiring arms and funds, it is very likely that the global economy may soon become unstable. Global resources meant for poverty alleviation will now be diverted towards the strengthening of security measures and as a result achieving a healthy growth rate will become a difficult task for the countries due to the unstable economy”.
“We see that sometimes a few struggling economies shows some signs of recovery after years of struggle. However, the development they make is often overtaken by some geopolitical factors, which creates global instability. What the ISIS has been doing since the last few months, itself poses a new danger to civilization. Now nations are more bothered about their securities rather than economies”, he added.
When asked about the ways in which the terror outfits may impact economies Jaitley said, “You will experience instability in trade and currency. It will have an adverse impact over the tourism, a big source of revenue for all the nations. In fact, to be frank which part of the world will be safe itself may become a good question in the coming days”.
However, the Finance Minister reiterated that the Indian Economy is more stable and balanced when compared to other Global economies.