Speaking on the aftermaths of Brexit, Minister of State for Finance Jayant Sinha on Friday asserted that though it will take a few days to settle things down, India stands out as the only stable star at a time when there is economic turbulence around the world.
Talking to media, Sinha said Brexit will not have a major impact on India, adding that the government is taking all steps to combat the complexities of the situation.
"In today's time India is a haven of stability and this state will be maintained. And we will win peoples trust through our policies. During this time when there is so much turbulence in the world India stands out as the only shining stable star," said Sinha.
"It will take a few days to settle things down. In the mean time we will keep on monitoring all the concerned statistics. We will help all our companies in every which way- through our high commissions, our Ministry of External Affairs, Commerce Ministry," he added.
Elucidating the endeavours of the government, Sinha highlighted three aspects which New Delhi will be considering to come out of the situation.
· Adjustments in the market: In the adjustment process, a lot of resetting of expectations will be done and the process will go on for another one-one and half week. The adjustment process has to be looked after and the provision of liquidity in terms of currency markets in particular should be maintained.
· The second aspect is that our companies, who have made their base in the UK and are carrying out businesses operations in Europe, will soon require to bring in changes in their trading operations as trading relationships will change.
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· India now will have to think about the trading arrangements with the United Kingdom and Europe Union.
Lastly, Sinha also made a pitch of passage of the GST, Bill stating that the Goods and Services Tax bill will act as a boon for the nation in the present economic conditions.