Finance Minister Arun Jaitley on Thursday said that even though the global economy is weak, India appears to be much better placed at present on the back of improvement in its macro-economic fundamentals.
“Though the world economy is quite fragile yet India appears to be much better placed today on the back of improvement in its macro-economic fundamentals,” Press Information Bureau said in a statement quoting Jaitley as saying at the 16th meeting of the Financial Stability and Development Council (FSDC) in New Delhi.
“The government’s measures to eliminate the shadow economy and tax evasion are expected to have a positive impact both on gross domestic product (GDP) and on fiscal consolidation in the long run,” Jaitley added.
The FSDC during the meet had made a presentation on the state of the economy whereby it reviewed the major issues and challenges facing the economy.
Jaitley had chaired the 16th meeting of FSDC and was attended by all the financial regulators and senior officers of the Ministry of Finance and financial sector regulators.
The FSDC meeting saw presence of Reserve Bank of India (RBI) Governor Dr Urjit R Patel, Finance Secretary Ashok Lavasa, Economic Affairs Secretary Shaktikanta Das and Chief Economic Adviser Dr Arvind Subramanian, among others.
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