Arun Jaitley’s Statement on Brexit

Finance Minister Arun Jaitley issued a statement on Britain exiting European Union. The statement on Brexit was released on Facebook.

Mr. Jaitley is in China on a five-day visit. Mr. Jaitley began his statement by saying that, "We have just seen the final vote of the people of the United Kingdom in the referendum on whether to remain or leave the European Union. We respect the referendum's verdict. At the same time, we are also aware of its significance in the days ahead and also for the medium term."

FM @arunjaitley on Brexit "We respect the referendum's verdict. We are also aware of its significance in the days ahead and in medium term"

— Ministry of Finance (@FinMinIndia) June 24, 2016

Arun Jaitley on uncertainty post Brexit:

"As I have often said, in this globalised world, volatility and uncertainty are the new norms. This verdict will, obviously, further contribute to such volatility not least because its full implications for the UK, Europe and the rest of the world are still uncertain. All countries around the world will have to brace themselves for a period of possible turbulence while being watchful about, and alert to, the referendum's medium term impacts."

FM on impact of Brexit on Indian economy:

"As regards, the Indian economy, we are well prepared to deal with the short and medium term consequences of Brexit. We are strongly committed to our macro-economic framework with its focus on maintaining stability.

"Our macro-econ fundamentls are sound with a very comfortable external position, solid commitment to fiscal discipline & declining inflation

— Ministry of Finance (@FinMinIndia) June 24, 2016

Our macro-economic fundamentals are sound with a very comfortable external position, a rock-solid commitment to fiscal discipline, and declining inflation. Our immediate and medium-term firewalls are solid too in the form of a healthy reserve position."

"Our aim will be to smooth this volatility,minimize its impact on economy in short term. For medium term, we will pursue our reforms agenda"

— Ministry of Finance (@FinMinIndia) June 24, 2016

FM on investors finding India safe:

"As investors look around the world for safe havens in these turbulent times, India stands out both in terms of stability and of growth. India, as you are all well aware, is amongst the fastest growing major economies in the world today. Our growth and inflation prospects are further improving in the wake of the good monsoons that are now moving well across India."

Arun Jaitley on India prepared to face Brexit:

The government and the Reserve Bank of India as well as other regulators are well prepared, and working closely together, to deal with any short term volatility.

The Govt and the RBI as well as other regulators are well prepared, and working closely together, to deal with any short term volatility

— Ministry of Finance (@FinMinIndia) June 24, 2016

Our aim will be to smooth this volatility and minimise its impact on the economy in the short term.

We are well prepard to deal with the short & medm term Brexit consqnce, strongly committd to our macro-eco framewrk with focus on stability

— Ministry of Finance (@FinMinIndia) June 24, 2016

At the same time, for the medium term, we will steadfastly pursue our ambitious reform agenda-including early passage of the GST-that will help us realise our medium term growth potential of 8-9% and help achieve our objective of development for all.