New Delhi: The Finance Ministry Tuesday said "knee-jerk" reaction is not the answer to the current challenges being faced by India and assured that measures initiated by the government will boost growth.
"Measures initiated by the government will unleash forces of growth. Will have to deal with emerging challenges. Knee-jerk reaction not the answer," Economic Affairs Secretary Shaktikanta Das said in a tweet.
The Indian capital and currency markets are witnessing volatility for the past few weeks mainly on account of slowdown in China, devaluation of the yuan and the expected interest rate hike by the US Federal Reserve later this month.
Prime Minister Narendra Modi today held a brainstorming session with industry leaders, economists and bankers to take their views on the ways to convert the challenges into an opportunity.
"Prime Minister's meeting with India Inc: Very productive discussions. Lot of confidence about India's macroeconomic stability," Das tweeted.
Addressing a press conference earlier in the day, Minister of State for Finance Jayant Sinha had said: "India will go through bit of a turbulent period because of global volatility."
The participants in the meeting with Modi felt that the global situation, especially the volatility in the capital and currency markets, is a transient phase and steps should be taken to strengthen the real economy.
