India well prepared to deal with Fed rate hike: Govt

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New Delhi: Ahead of US Federal Reserve’s impending interest rate hike, the government Thursday expressed confidence of weathering its impact with “multiple layers of defence” and RBI’s preparedness to deal with the situation.

Markets have been watching if the Fed goes ahead with the first increase in interest rates in nine years and its impact on emerging markets.

“In a situation where there is turmoil almost by the day as far as global markets are concerned, we are trying to make the fundamentals of our own economy strong so that our ability to resist these changes can substantially improve,” Finance Minister Arun Jaitley said at an event here.

The government, he said, will push ahead with its reforms agenda, resolve pending tax disputes and make fundamentals of the economy sound so that it can withstand the global turmoil.

Minister of State for Finance Jayant Sinha said the goal of policymakers in India is to strengthen economy to ensure that asset and financial markets move in an orderly, smooth and predictable manner.

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