Finance Minister Arun Jaitley has said the Indian economy is facing multiple challenges as global factors are leaving transient impact on it. Inaugurating the two day conference of the Chief Commissioners and Director Generals of Central Board of Excise and Customs in New Delhi today, Mr. Jaitley said that Yuan devaluation in China and European situation are creating ripples in global markets and there is a need to strengthen country's economy to meet global challenges. Mr. Jaitley, however said India's economy is in revival stage and fiscal deficit and inflation are under control. <br/><br/>The Finance Minister said there is a consistent pattern in indirect tax mop-up this year and it is up by 37 percent. The Minister also said that this year's Budget figures are more realistic than last year and it is important that the determination to go ahead with the road map further strengthens.<br/><br/>Later reacting to the fall of Sensex, Finance Minister said that the markets will settle down and government and RBI are watching the situation closely.

Finance Minister Arun Jaitley has said the Indian economy is facing multiple challenges as global factors are leaving transient impact on it. Inaugurating the two day conference of the Chief Commissioners and Director Generals of Central Board of Excise and Customs in New Delhi today, Mr. Jaitley said that Yuan devaluation in China and European situation are creating ripples in global markets and there is a need to strengthen country's economy to meet global challenges. Mr. Jaitley, however said India's economy is in revival stage and fiscal deficit and inflation are under control. <br/><br/>The Finance Minister said there is a consistent pattern in indirect tax mop-up this year and it is up by 37 percent. The Minister also said that this year's Budget figures are more realistic than last year and it is important that the determination to go ahead with the road map further strengthens.