ISIS impact on global economy cannot be understated, says Jaitley

Taking about geo-political factors contributing to the economy instability, Union Finance Minister Arun Jaitley on Tuesday noted that what the ISIS had been doing in the last few months across the world itself poses a new danger to civilisation, and therefore, its impact on the global economy cannot be understated.

"The global resources which are earlier intended to be spent on poverty alleviation and meeting the challenges of development will now be increasingly diverted towards security measures,' said Jaitley, adding, which part of the world is safe itself will become a great question.

Speaking at the Associated Chambers of Commerce and Industry of India's (ASSOCHAM) 95th Annual Event here, the Finance Minister said, "We had a task of re-establishing the credibility of the Indian economy, and then suddenly the first few months went into that exercise."

"As I look down the tunnel, I look at pressures in next year of sticking to my fiscal discipline and satisfying all those who wanted One Rank One Pension (OROP)...Additionally looking at the burden created by the Seventh Pay Commission," he said.