Indian economy capable of facing adverse conditions: Jaitley

New Delhi, July 4: Union Finance Minister Arun Jaitley on Monday said the Indian economy was capable of withstanding any adverse condition, and that the cycle of ups and downs was ever-continuing.

Speaking at the first national conclave on mines and minerals in the state capital, Jaitley said the mining sector the world over was facing a crisis and prices of all types of ores/minerals were falling but India remained unaffected.

He said he hoped that India's Gross Domestic Product will grow at a faster rate in view of predictions of a good monsoon this year.

The minister said income from the sale of ores/minerals extracted from a particular state should be used for the development of the region/area concerned, for which the government had formulated the Pradhan Mantri Khanij Kshetra Kalyan Yojana (Prime Minister Mining Areas Welfare Scheme).

IANS