India appears to be much better placed today despite fragile world economy: Jaitley

05 January, New Delhi

Union Finance Minister Arun Jaitley Thursday said government’s measures to eliminate the shadow economy and tax evasion are expected to have a positive impact on GDP and fiscal consolidation.

Jaitley said this while chairing the meeting of the Financial Stability and Development Council (FSDC) in New Delhi.

He said, though the world economy is quite fragile but India appears to be much better placed today on the back of improvement in its macro-economic fundamentals.

According to an official release, Chief Economic Advisor Dr. Arvind Subramanian also made a presentation on the state of economy. Besides, the Council reviewed the major issues and challenges facing the economy.

The Council also reviewed the present status of NPAs in banks and the measures taken by Government and RBI for dealing with the stressed assets and further action in this regard. Those who attended the meeting include RBI Governor Dr. Urjit R. Patel and Finance Secretary Ashok Lavasa.

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