Global slowdown won't effect Indian economy, says Jaitley

Finance Minister Arun Jaitley on Monday asserted that factors which are responsible for global slowdown won't effect the Indian economy, and added that the existing situation could be turned to India's advantage.

"Commodities prices, oil prices are impacting many economies. In fact, commodities prices and oil prices effectively amounts to a transfer of wealth from the producing nations to the consuming nations. And essentially, as a consuming nation, it goes to our advantage. Therefore, the factors which are responsible for slowdown across the globe don't necessarily apply to us," Jaitley said, while addressing the valedictory function of 68th annual general meet of Indian Banks Association.

"As far as India's economy is concerned, I think, the time has come for us to realise that this is not the opportunity that India can afford to waste. The global situation is clear. The world has slowed down. Except, the recent figures of United States growth, where also the growth has been somewhat patchy, most of the competing economies are facing challenges. It is a situation, which we can afford to turn around to our advantage,"Jaitley said.

"Targeting a low tax regime as far as direct taxes are concerned, targeting GST(Goods and Services Tax) as far as indirect taxes are concerned, increased expenditure on irrigation and infrastructure, these are all areas which will go to the benefit of Indian economy. This will bring huge change to banking sector as well," he added.