Beijing: Finance Minister Arun Jaitley on Friday said India is well prepared to deal with short and medium term consequences of Britain’s exit from the European Union as it has solid immediate and medium-term firewalls in form of healthy forex reserves.
Stating that the verdict of the referendum will add to the volatility in the global markets, he said all countries around the world will have to brace themselves for a period of possible turbulence while being watchful about, and alert to, its medium term impacts.
"As regards the Indian economy, we are well prepared to deal with short and medium term consequences of Brexit," Jaitley said in a statement.
"Our macroeconomic fundamentals are sound with a very comfortable external position, a rock-solid commitment to fiscal discipline, and declining inflation," he added.
"Our immediate and medium-term firewalls are solid too in the form of a healthy reserve position," he assured.
India’s Economic Affairs Secretary Shakti Kanta Das said that there was nothing much to worry as "we have enough fire power to deal with the situation. Brexit will not affect us much."
(With inputs from PTI)
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