February 12, 2016 7:55 PM

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Jaitley to investors: Don't panic, trust economy's strength

Union Finance Minister Arun Jaitley today assured investors that they should keep the Indian economy's inherent strength in mind while investing. Talking to reporters at the Finance Ministry a day after the Sensex saw a massive 807-point plunge, Jaitley said the government will continue to pursue policies to support growth amid global slowdown.The minister said major sell-off in global markets created a chain reaction impacting the markets world over including in India. He said India as an economy even in the midst of global slowdown has clearly stood out to maintain a 7.5 per cent growth rate and added that there is no place for panic.On the mounting NPAs of public sector banks, he said the government is considering more steps to empower banks to recover bad loans.The Finance Minister added that the government will meet the capital requirements of banks. Amid global slowdown, Jaitley said, services and manufacturing sectors are both recovering and hopefully would improve further on account of monsoon and generate further demand.

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