China Creating Ripples, Transient Impact on India: Arun Jaitley

Inaugurating a two-day tax conference, Finance Minister Arun Jaitley on Monday sought to calm the market nerves by saying that the Indian economy is reviving and the current global market turmoil will have transient impact on India. The Sensex fell over 5 per cent or nearly 1,500 points in its third biggest fall in history while the rupee fell to 66.67/dollar. Here are the highlights from his speech. (Watch Video)

• Crises are coming from all over the world
• Our response has to be strengthen our economy
• China devaluation creating ripples in global markets
• No easy day in integrated markets
• And obviously being part of the globally integrated economy this will leave some transient impact
• Economy in revival stage
• Indirect revenue up over 37% in first four months of the year
• Sooner than later the constitutional amendment (GST) will see light of day
• GST one of the most monumental tax reforms in India
• It has the capacity to add to the country's GDP growth
• Favoured by all states and political parties and I have not the least doubt
• Our deficit figures are under control, inflation is under control
• Demand and economic activity will increase in the coming months on back of reasonable monsoon
• We stand by the growth projections for the fiscal made at the beginning of the year
• India faces multiple challenges emanating from global developments
• The markets will settle down, all concerned authorities are watching the situation closely
• In the midst of global slowdown, India should emerge as the fastest growth emerging market economy