Brexit will have transient effect on India: Arun Jaitley

Britain's decision to opt out of the European Union will have a transient effect on India, Finance Minister Arun Jaitley said here on Friday.

"It will have a transient impact which reverses itself in due course," Jaitley, on a five-day visit in China, told Indian journalists here.

He said economies whose "fundamentals are strong" will not be affected for a long time.

"If the fundamental of an economy is sound, impact of this beyond initial days gets diluted."

But Jaitley said the event will have a "temporary cascading effect all over the world".

Jaitley said sometimes peoples' thinking and government's thinking "are at variance".

Jaitley met some investors on Friday and spoke about the ease of doing business in India under the Make In India programme.

He will attend the Board of Governors meeting of the China-sponsored Asian Infrastructure Investment Bank (AIIB). India is one of the 56 members of the organisation.

Jaitley will meet his counterpart Lou Jiwei on Monday.