Reaction on Brexit: Does this govt have any plan to keep the economy stable after Brexit, asks Surjewala

| Friday, June 24, 2016 - 21:26
First Published |
Brexit, Brexit Live, Brexit reactions, Britain, David Cameron, Raghuram Rajan, RBI, Brexit India,

New Delhi: The United Kingdom on Friday decided that it will sever ties with the European Union to explore options on its own in the global market. The reactions have been unprecedented as there was a sharp downfall trend in the global market.  

- Minister of State for Finance, Jayant Sinha appreciated India's growth and said that even after so much turbulence in global economy, India has emerged as a rising star and is in fact, a haven of stability. 

- Jayant Sinha further added that with the situation of Brexit, Indian companies having base in UK would have to bring change in their operations as trading relations would change.

- RS Surjewala, Congress leader took a dig at the BJP government and posed the question if the government had any plan to keep the economy stable after Brexit. 

- The International Monetary Fund (IMF) has urged 'smooth transition' to a new economic relationship with the Brexit situation leading to a split between Britain and the European Union. 

- Sure of India not getting affected by Brexit, Finance Minister Arun Jaitley said that Brexit is going to have a transient effect on India which would reverse itself in due course. 

- Republican presidential nominee Donald Trump supported Brexit and said, "You are taking your country back. People who you dont want, you won't let them into the country." 

- "What happened should have happened, and I think they'll end up being stronger for it," Trump further added.

- German Chancellor Angela Merkel was quoted saying that the situation of Brexit must be anlysed calmly and that one should not rush into any decisions. 

- Pointing towards their goal, Merkel further added that their goal must be to have close future relations between Britain and the European Union. 

- Complimenting David Cameron as one of the most extraordinary politicians of our age, pro-Brexit campaigner Boris Johnson further added that the way to deal with this decision is by putting it to people. 

- Speaking in favour of Brexit, Boris Johnson also said that it is a good opportunity for the country as this will enable them to pass their own laws and set taxes according to the needs of UK economy.


- Borish Johnson also said that Britain will continue to remain a great European power.

- BJP president Amit Shah reacted to the news of Brexit by saying that India was prepared to deal with the short-term and the medium-term impact of the decision. 

- "We are one of the most stable and fastest growing economies offering a lucrative investment destination," said Amit Shah. 

- Spokesperson of Ministry of External Affairs said that India valued the multifaceted relationship with both UK and EU and will strive to strengthen these ties in the years ahead. 

- Reacting to the news, Edward Snowden tweeted, "No matter the outcome, #Brexit polls demonstrate how quickly half of any population can be convinced to vote against itself. Quite a lesson." 

- "As investors look around the world for safe havens in these turbulent times, India stands out both in terms of stability and of growth. India, as you are all well aware, is amongst the fastest growing major economies in the world today. Our growth and inflation prospects are further improving in the wake of the good monsoons that are now moving well across India," Arun Jaitley wrote in a statement. 

“Our immediate and medium-term firewalls are solid too in the form of a healthy reserve position,” said Arun Jaitley. 

-  Indian Finance Minister Arun Jaitley said that India is well placed to counter the volatility arising from Britain's exit from the European Union. 

- "I fought this campaign the only way I know going with what I strongly believe," PM David Cameron.

- Conservative party meeting in October will decide on the new prime ministerial candidate for the United Kingdom. 

- David Cameron to continue as UK Prime Minister. 

- "We must prepare for a strong negotiation with the European Union," PM David Cameron. 

- Rajan said that RBI is continuously maintaining a close vigil on the market developments, both domestically and internationally. 

- "RBI will take all necessary steps, including liquidity support (both dollar & INR) to ensure orderly conditions in financial markets," Raghuram Rajan said.

- Reserve Bank of India Governor Raghuram Rajan says that India good fundamentals, low short term external debts, and sizable foreign reserves which should stand India in good stead in the days to come. 

While the United Kingdom now has a daunting task ahead of the Brexit decision; reinstituting trade deals in the European market, establishing new rules on immigration and bargaining in a market without the assistance of European Union, India's Economic Affairs Secretary Shaktikanta Das reacted to the news by saying that India is prepared to deal with situation as it is emerging today.

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