Finance minister Arun Jaitley said on Tuesday India will be among the lesser impacted countries by the global economic turmoil but the government needs to take steps to strengthen the economy.
Jaitley was briefing the media after the high-level meeting on global economic scenario chaired by Prime Minister Narendra Modi where bankers and billionaires talked about how India can manage global economic turbulence, including opportunities for Asia's third-largest economy in China's market and growth woes.
"Most participants felt that we are going through a phase of volatility which might turn to some turmoil on the market. Volatility is the norm of the moment and will result in turmoil in the markets and rupee," said Jaitley.
"By and large, a major crux of the entire discussion was that in terms of its economy India is relatively untouched. It was suggested that we should take steps to strengthen India's economy," he said.
Jaitley said the impact of the global turmoil will be far lesser on the Indian economy as its fundamentals are reasonably strong.
The meeting in New Delhi was attended by tycoons including the country's richest man, Mukesh Ambani, Jaitley, Reserve Bank of India governor Raghuram Rajan, economists and state and private bank chiefs.
The minister said issues of ease of doing business, cost of labour and capital and stalled projects were also raised by participants at the meeting. Participants specifically emphasised on two steps - bankruptcy code and anti-corruption - and many of them wanted monetary policy easing by RBI, the minister said.