From a situation earlier when the global economy would face a crisis once a decade, now such crises almost “twice a day” have become normal occurrences, finance minister Arun Jaitley said on Saturday.
“Earlier, while a crisis would occur once in a decade, now they can take place twice a day. There can be a crisis brought on by Chinese currency devaluation in one part of the world and by falling oil prices in another,” he said here at the “Start-up India” event to be launched by Prime Minister Narendra Modi later in the day.
“Looking down the tunnel, nobody can envisage what the world economic situation will be in a year,” the minister said.
Saying the country could take “limited satisfaction” from having become the fastest growing big economy, Jaitley said it was faced with many challenges like in agriculture, two successive weak monsoons and low investment by a private sector which had overborrowed putting banks’ finances under great strain.