India has emerged as bright spot in the world: FM

IMF sees India to grow fastest in major economies and current account deficit declined to 0.3%: FM

India is a "bright spot" in the world economy, Finance Minister Arun Jaitley said as he unveiled his annual budget on Wednesday, adding that the impact on growth from the government's cash crackdown would wear off soon.

"We are seen as an engine of global growth," Jaitley said as he delivered the opening remarks of his fourth budget.

Sluggish growth has replaced by high growth but uncertainty around commodity prices especially oil to have impact on emerging economies, he said. 

Current account deficit declined from 1% last year to 0.3% in first half of current fiscal.