Seeking to allay concerns over volatility in currency and stock markets, Reserve Bank of India Governor Raghuram Rajan on Wednesday said things would stabilise and emphasised that monetary policies alone could not change the world.

With global headwinds hitting emerging markets as well, Finance Minister Arun Jaitley on Wednesday said volatility had become a global norm, but India could certainly grow at 8-9 per cent in a friendlier global climate.

Finance Minister Arun Jaitley dismissed the Congress party's demand that the cap on the Goods and Services Tax (GST) be specified in the Constitutional amendment bill as "preposterous." He was speaking at a discussion organised by NDTV at the World Economic Forum in Davos.