As the stock and currency markets crashed on Monday, Prime Minister Narendra Modi took stock of the situation.
Union Finance Minister Arun Jaitley told presspersons that Mr. Modi was mulling over new steps to further strengthen the economy. “The volatility is not going to be everlasting….but for impact on currency and stock markets, all other parameters of India are on sound footing,” he said.
Earlier, as the rupee sank, RBI Governor Raghuram Rajan too sought to reassure investors that India is better off than other emerging economies. Its macroeconomic factors are under control and the country has $380 billion in forex reserves that can be used to quell rupee volatility, he said.