Brexit consequences: India well prepared to deal with it, says FM Jaitley

Zee Media Bureau

New Delhi: Exuding confidence on India's ability to tackle with the fall out of Brexit, Finance Minister Arun Jaitley on Friday said government will aim to smoothen volatility and minimise Brexit impact on the economy in the short-term.

“We are well prepared to deal with short and medium-term consequences of Brexit,” Jaitley said.

Adding that the government is strongly committed to macroeconomic framework with rock solid commitment to fiscal discipline, the FM further India can withstand Britain exit from the European Union.

“Immediate, medium-term firewalls are solid in form of healthy forex reserves. Government and RBI is prepared to deal with any short-term volatility,” Jaitley said.

In a historic development, the UK has voted to leave the European Union after 43 years as the 'Brexit' camp today took a seemingly unassailable lead over the 'Remain' camp in a down-to-wire referendum with far reaching implications for the world.

52 percent of the Britons favoured leaving the 28-member EU, while 48 percent supported staying in the bloc, according to a BBC forecast after counting of 70 percent of votes.