"The strength of an emerging economy and the challenges to it particularly will have to keep in mind that it is in this period of volatility and turmoil that you have to survive," he said.

The minister said while significant changes have taken place in the country, there will be comments on how fast the whole change in the reform process can be, what steps are being taken, is there consistency in the direction of those steps and are the steps being taken in the right direction.

Jaitley noted that there are many factors globally which are impacting the country.

"The global slowdown is an important external factor that is impacting partly on our investments and significantly on our exports. What happened in China impacted on our currency and impacted on the stock markets. But we are a unique economy where many advantages have also taken place," he said.

Jaitley said India is not a part of the Chinese supply chain and in that sense India has remain slightly disconnected with what is happening in the economic Asian giant.

He conceded that India had a fairly terrible reputation in matters of ease of doing business and "that has been the Prime Minister's key emphasis" particularly on the quality of governance itself.

On financial inclusion, he said 180 million bank accounts have been opened for the weaker sections of the society.

Jaitley said the scheme was started with 78 percent cent as zero balance accounts and today it has come down to less than 40 per cent. "By the end of the year, I hope it will be somewhere in its 20s," he added.

He said that a large part of the tenure of the previous government was wasted in how natural resources are to be allocated. "Now we have a very cleaner system of allocation of natural resources," he said.

He said the Prime Minister's "charisma" and "decision making ability", combined with the power of the Indian diaspora is collectively creating the India impact the world over.

"It is not merely the charisma of his (Narendra Modi's) personality, of course it is a big asset for us, his leadership and decision making ability is a very important asset for us," he said.

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