Brexit a sad development, but not to affect India: Chief Economic Advisor

The decision has reversed the experiment by the European countries for togetherness as a collective entity.

Patna

: Union government's Chief Economic Advisor Arvind Subramanian on June 26 said Brexit was a sad development but India would not be affected by it due to its solid macroeconomics.

-"Brexit is a very sad development...it has consquences for both the United Kingdom and Europe,-" he said while delivering keynote lecture on 'Overview of Indian Economy' at an international conference being held here as part of the ADRI Silver Jubilee Celebrations.

-"We are able to deal with it as we've solid macroeconomics,-" he said.

Stating that Brexit is a significant development with serious political and economic consequences for both the UK and Europe, Subramanian said it was a landmark moment in the history since World War II.

The decision has reversed the experiment by the European countries for togetherness as a collective entity, he said, adding the elites would now be forced to recalibrate and adjust.