New Delhi, June 24 (KNN) Union Finance Minister Arun Jaitlety today said that India is well prepared to deal with the short and medium term consequences of Brexit.

Finance Minister is on five day official visit to Beijing.

Jaitley said, “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.”

He assured that the government and the Reserve Bank of India as well as other regulators are well prepared, and working closely together, to deal with any short term volatility. Our aim will be to smooth this volatility and minimize its impact on the economy in the short term. At the same time, for the medium term, we will steadfastly pursue our ambitious reform agenda—including early passage of the GST—that will help us realize our medium term growth potential of 8-9% and help achieve our objective of development for all.

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, Minister added.

He stated “We respect the referendum’s verdict. At the same time, we are also aware of its significance in the days ahead and also for the medium term.” (KNN Bureau)