"Brexit a sad development, but not to affect India": Arvind Subramanian

"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.