No Need for Panic, Have Faith in Indian Economy: Arun Jaitley

Jaitley said that investors must keep faith in the “inherent strength” of Indian economy.

Finance Minister Arun Jaitley. (Photo: PTI)

Finance Minister Arun Jaitley on Friday sought to calm frayed nerves saying investors must keep faith in the “inherent strength” of Indian economy rather than getting swayed by the global headwinds.

He also stressed that the government will soon announce more steps to empower public sector banks to recover bad loans that are hurting their profitability.

Talking to reporters at the Finance Ministry a day after the stock market benchmark Sensex saw a massive 807-point plunge and rupee hit its 29-month low, Jaitley said the government will continue to pursue policies to support growth amid global slowdown.

It would be a part of prudent investment reaction that the inherent strength of Indian economy is kept in mind by investors, rather than react disproportionately to what the global developments are.

<b>Arun Jaitley, Union Finance Minister</b>

The minister said that a major sell-off in global markets has created a chain reaction impacting the markets world over including in India.