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<h2>'The Tumbling Markets will settle down', Says Arun Jaitley</h2>
The tumbling of stock market appeared due to global turbulence, Finance Minister Arun Jaitley said the government and RBI were watching the situation and hoped that things will stabilize once the transient impact is over. "There has been for the last few days a great amount of turbulence which was being caused in the global markets. Obviously that turbulence has had an impact on Indian market itself. The factors responsible for this are entirely external.
"There is not a single domestic factor in India which has either contributed to it or added to it. These are external factors. I have not the least doubt that this turbulence is transient and temporary in nature. The markets will settle down", he added. The BSE 30-share index was plunge down by 1,456 points and Nifty index of NSE was down 436 points. Both the indices were down more than 5 percent in the afternoon trade.
The Minister also stated that today's stock market crash to external factors, stressing that “there is not a single domestic factor in India which has either contributed to it or added to it”. On the global front, Jaitley said developments like the possibility of US Federal Reserve cutting rates, crisis in Europe and devaluation of the Chinese currency will have implications on India.
The Economic Survey presented by Jaitley in February had projected a growth rate of 8.1 to 8.5 percent for the current financial year. Even, the indirect tax has shown better results and improved by 14.6 percent. The Finance Minister of India, Arun Jaitley said that the Indian economy is in a revival phase though challenges exist as far as global developments are concerned.