India’s Finance Minister Arun Jaitley has said that the slowdown in the Chinese economy was not going to impact his country and India could become the “additional shoulder” the global economy needed to stand on.
He said, “We are not a part of the Chinese supply chain,” Therefore, “we are not impacted.”
He said that China’s slowdown did, however, affect Indian stock markets and the currency. But he did not see the fallout from China extending beyond them.
China, which had played a role in world economic growth, was now having an adverse effect globally, he said. After China, “the world needs additional shoulders to stand on” and India could provide them he added.
Jaitley was speaking Monday at the inauguration of the Deepak and Neera Raj Center on Indian Economic Policies at Columbia University.
The global economic situation will be a challenge for India because it was beyond its control, he said, “The new normal is living in a period of turbulence and volatility.” International crises used to come up every ten years or so, but now they were occurring more frequently, he added