Patna, June 26: Chief economic adviser Arvind Subramanian today said he feared a fall in India's exports to the UK, following Britain's exit from the EU.

Subramanian also said Prime Minister Narendra Modi might set up a committee to assess Brexit's impact on the Indian economy.

"Brexit came as a major shock to me. It is one of the most significant and landmark developments in the post-world war era. It would have a far reaching impact across the globe," Subramanian said while speaking at a conference here today.

"Though our economy is well braised at present with strong macro-economic factors, Brexit would surely have some adverse impact on India. For instance, our exports would be affected. The PM may set up a committee to assess the overall impact of Brexit and long term measures to tackle it," the adviser said.

Subramanian also cited some temporary but positive outcomes of Brexit. "Oil prices might come down. The US Federal Reserve would also delay any hike in interest rates for the time being."

On GDP growth, Subramanian said while China's economic growth would slow down, India would progress in the coming years. "While India is expected to witness 8-10 per cent growth in GDP over the next 10-15 years, the same for China is expected to be around 4-5 per cent during the same period. This would happen due to normalisation of political and public institutions in both countries," said Subramanian.

According to Subramanian, India did not impose a heavy tax on its people. "The number of taxpayers in India is required to be increased from 4 per cent to 23 per cent, and it needs to be done without harassing the taxpayers."