India a ‘sweet spot’ in the global economy: Jaitley

TIL Desk/Business/Raipur-Calling India a “sweet spot” in the subdued global economy, Finance Minister Arun Jaitley said indication of “good rains” will further boost the country’s growth momentum. “This time, it looks like rains are going to be good and India can grow very well. There are signs (for that),” he said addressing the first national minerals & mining conclave here.

India clocked 7.6 per cent growth rate in 2015-16 when there was a global slowdown, and deficient rainfall for two years in a row, he said. Jaitley said India is a “sweet spot” in the global economy and “growth outlook looks much better with indications of good rains this year”.

“When the going is good everybody grows. But, at such a time (global downturn) becoming the fastest growing economy is an example in itself. It shows that we are ready and capable to deal with such changes and perform,” he noted. On the impact of Britain exiting the European Union, the finance minister said, “We were the least impacted. People feared that currency and stock markets will crash, but we saw the impact for just one day.”