External factors led to market crash: Govt

 The government on Monday said the fall in the stock market was driven by external factors and the economic fundamentals in India remained "stable" even as it internally discussed ways to ensure that India emerges stronger and uses the opportunity to position itself to take advantage of the current economic situation Stock Market Trading Tips

"There has been a great amount of turbulence in the global markets in the last few days. Obviously, that turbulence has had impact on Indian market itself. The factors responsible for this are entirely external. There is not a single domestic factor in India which has either contributed or added to it. I have not the least doubt that this turbulence is transient and temporary in nature. Markets will settle down," finance minister Arun Jaitley told reporters on Monday afternoon. 

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Market mayhem: PM Modi reviews situation, calls for reforms

Late in the evening the finance minister said, Prime Minister Narendra Modi has reviewed the situation and suggested that more steps should be taken to further strengthen the economy. He, however, ruled out any sectoral packages for the moment. "We are not (offering) any packages as of now as our internal fundamentals like industrial production, capital and public expenditure have improved," Jaitley said, adding normal reforms in the pipeline will continue Himanshu Tiwari Astrologer Blog

The government, RBI and Sebi are monitoring the situation, he said. "Our fiscal deficit figures are under control. Inflation is very much under control. We stand by the growth projections which we made at the beginning of the year and indirect taxation data actually supplements the idea of those projections." 

Global agencies have said India remains a bright spot on the global economic landscape and growth is expected to be in the 7-7.5% range in the current financial year. The government is confident that growth in the current financial year would be around 8%, far higher than the Chinese economy, which is expected to slow down significantly Indian stock market astrology prediction