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Global financial turmoil an advantage to Indian economy: Jaitley

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New Delhi: Finance Minister Arun Jaitley on Monday said that the global financial turmoil was not a problem for the country as the savings on account of declining oil and other commodity prices have helped the government earmark more funds for infrastructure and social sector schemes.

Jaitley, who was speaking at the 11th Indo-US Economic Summit, said efforts have been made to evolve the fairest taxation regime, promote ease of doing business, speed up the pace of decision making and usher in a stable policy regime as far as improvement in ease of doing business and ensuring a predictable taxation regime are concerned.

“The Indian companies are the largest investors in the US and, therefore, we realized that the investments will move as their purpose is to generate large economic activity that further leads to job creation, profitability, larger revenues in the pockets of the government to support infra and eradication of poverty,” he added.

Referring to the ongoing global financial turmoil in stock, currency and commodity markets, Jaitley said the global economy is passing through a phase where the policy planners find it difficult to work in progress.

The Indo-US Economic Summit, which was also attended by US Ambassador to India Richard Verma, saw issues like taxation and legacy by the government in discussion. (ANI)