Some Participants Made a Case for Monetary Easing: Arun Jaitley

Finance Minister Arun Jaitley addressed a press conference after PM Narendra Modi's high-level meeting with captains of industry on global economic scenario. Chief Economic Advisor Arvind Subramanian and Minister for State for Finance Jayant Sinha were also in attendance. Here are the highlights from Mr Jaitley's speech.

• 27 of the participants spoke at the event
• Participants analysed recent global events and their impact on India
• Most of the participants that we are going through extreme volatility
• Volatility is the norm of the moment, will result in turmoil in markets, rupee
• Most of the participants felt that India will be lesser impacted from global volatility as compared to other countries
• Participants suggested that focus on agricultural productivity must be increased
• Bankruptcy code in final stages of drafting
• Most participants said that large number of tax issues have been resolved, hoped that GST would move further
• The impact of the global turmoil will be far lesser on the Indian economy; our fundamentals are reasonably strong
• The global turmoil is an opportunity as India relatively untouched except its markets. Need to strengthen Indian economy.
• PM Modi highlighted the various strengths India has
• Some participants made a case for monetary easing
• Volatility an opportunity. India must avail to strengthen economy so that the larger benefit of such global events can come our way
• Arvind Subramanian: India relatively unaffected from China slowdown as exports to the country is very small part of our GDP as compared to other countries
• Arvind Subramanian: Cheaper oil will help India
• Arvind Subramanian: India is a country that has a lot of untapped potential including infrastructure
• Jayant Sinha: Discussions were held on stalled projects, administrative mechanisms
• Jayant Sinha: The bulk of the conversation was on the real economy. How do we strengthen our long term competitiveness
• Arun Jaitley: PM Modi said that India Inc should take more risks and increase investments
• Arvind Subramanian: India remains one of the most attractive investment destination
• Arvind Subramanian: Companies like Siemens, Xiaomi, Foxconn are willing to come to India
• Arvind Subramanian: First quarter data suggests an economic recovery is underway