What RBI said:
Seeking to address the fears of Indians following Brexit, the Government and RBI have assuaged the fears by assuring that India's sound macro-economic fundamentals backed by planned structural reforms and firewalls will help it weather any major fallout of UK's leaving the European Union. RBI Governor Raghuram Rajan promised to provide liquidity and correct any disorderly market behaviour. India has enough resilience power to withstand medium to long term impacts and is well prepared to deal with any volatility. Rajan said investments should return after initial investor worries subside following Brexit and pledged to inject liquidity in dollars and rupee, as needed. Indian economy has good fundamentals, low short-term external debts, and sizeable foreign reserves, Rajan said, adding that these factors should stand the country in "good stead in the days to come". He saw no major foreign selling as India was better placed than other economies.
What is Finance Minister Arun Jaitley’s view:
Finance Minister Arun Jaitley said impact on financial markets should not last beyond a few days and vowed to steadfastly pursue growth-oriented reforms agenda including early passage of GST Bill. "Our macro-economic fundamentals are sound with a very comfortable external position, a rock-solid commitment to fiscal discipline, and declining inflation," Jaitley said in a statement. "We are well prepared to deal with short and medium term consequences of Brexit," he added.
Economic Affairs Secretary Shaktikanta Das’s take on Brexit:
Economic Affairs Secretary Shaktikanta Das asserted that India has the firepower to withstand the impact of Britain's exit from the EU and did not expect foreign trade to suffer.
Chief Economic Adviser Arvind Subramanian’s opinion:
Chief Economic Adviser Arvind Subramanian said he saw "silver lining" of a decline in oil prices and likelihood of a rate hike delay in the US due to the UK vote.
In line with global markets following UK's exit from EU, BSE Sensex tanked nearly 1,100 points before regaining some ground - still closing 605 points down at 26,397.71, while the rupee fell below the 68 mark against the US dollar. Gold, considered a safe-haven investment, however soared to 26-month high in the bullion market here.
What RBI said: