We have factored in slower global economic growth: Arvind Subramanian

In a chat with ET Now, Arvind Subramanian, Chief Economic Advisor, says softer oil prices are one consolation for the economy

ET Now: Given the fact that the pace of recovery in US and Europe is still very weak, does it raise concern on the overall global macroeconomic outlook?

Arvind Subramanian: This is what we have said in the survey as well. I think we have to plan for a situation where the global economic growth will be slow and that will certainly have an impact on us in terms of our export demand. The Budget has taken this into account very nicely. So, one consolation would be oil prices that are expected to remain relatively soft and can give us some space on the macro side. However, this is just an anticipation and something that we have factored in our budget calculations.