"The shake up in oil prices... Is a redistribution of wealth, from amongst the oil producing nations to oil consuming countries.
"And therefore oil consuming countries benefit today from this new redistribution, (the) result (of which) is oil prices falling to half," he said at a book release function here.
With oil prices falling to record low of USD 40 a barrel, a significant fall in commodity prices has also happened.
India, which imports close to 80 per cent of its oil needs, spent about USD 124 billion in 2014-15 on shipping oil.
Jaitley said, in his opinion, that was no adversity between the impression that a more liberalised economy and a more integrated economy would adversely impact on distributive justice.
"In fact, higher growth is the best response to poverty. If you just concentrate on poverty alleviation without concentrating on growth, you then get into the business of distributing poverty rather than generating wealth," he said.