"India is one of the lesser impacted economies (by China devaluation, slowdown), partly because our own fundamentals are reasonably strong," Jaitley said while briefing reporters on Prime Minister Narendra Modi's meeting here with Union Ministers, corporate heads and economists to discuss the global markets' turmoil sparked off by the Chinese economic slowdown and attendant opportunities for India.

"The main thrust of the meeting was that since India is relatively touched little except for a transient impact on the markets, it should therefore strengthen its domestic economy so that the larger benefits of the global economy may come India's way," he said.

"Being a net importer of commodities globally, the low oil prices are an opportunity for us," the Finance Minister added. Global crude oil in free fall touched the USD 40-a-barrel mark in trading late in August, having already dropped under USD 50 for the second time this year from the level of over USD 100 last year.

The meeting, that lasted over three hours, discussed the global situation that impacted India economically like a possible hike in the US Federal Reserve rate, the world powers' nuclear deal with Iran contributing partly to cheaper oil and the way the Chinese slowdown opens up opportunities.

A slowdown in the Chinese markets, which led to global markets' crash, coupled with rupee volatility and the risk of a US rate hike, knocked out the Indian equity markets in August.Reserve Bank Governor Raghuram Rajan, NITI Aayog Vice Chairman Arvind Panagariya, Chief Economic Advisor Arvind Subramanian and Aayog member Bibek Debroy also attended the meeting on 'Recent Global Events: Opportunities for India'.

Latest News  from Business News Desk