Jaitley rushes home from Beijing to cauterize Brexit wounds
June 27, 2016  11:28
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Union Finance Minister Arun Jaitley has rushed to New Delhi from Beijing to be in time for a top-level review by his ministry over Britain's exit from the European Union. Jaitley was to have returned on Tuesday morning, but he advanced his return by a day in order to hold a meeting with Finance Secretary  Ashok Lavasa, the  Foreign Secretary S Jaishankar and RBI Governor Raghuram Rajan to formulate a strategy on India's approach to Brexit.

The UK voted on Thursday to leave the European Union in a decision that left global financial markets reeling and raised doubts over the fate and composition of the economic and political bloc.

Concerns that the financial market ructions would spill over to the global economy also rocked assets in emerging markets including India, which is the world's fastest-growing major economy.

In the immediate aftermath of the Brexit, Jaitley said that India was strongly committed to macro-economic stability, while its fundamentals were sound with "a very comfortable external position, a rock-solid commitment to fiscal discipline and declining inflation."

Further, he said that India's external firewalls were solid in the form of a healthy reserve position.

Jaitley, who arrived in Beijing on June 23, was scheduled to attend the annual Financial Dialogue at the ministerial level with his Chinese counterpart Mr Lou Jiwei on June 27.

The dialogue at the level of finance secretaries has been postponed to July because of inability of India's Economic Affairs Secretary Shaktikanta Das to travel to Beijing for the meeting. Das was asked to stay in Delhi to deal with implications of the Brexit vote for India.
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