| Indian minister hints at more austerity measures |
| Last Updated(Beijing Time):2012-05-17 11:47 |
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Indian Finance Minister Pranab Mukherjee said Wednesday the government would resort to austerity measures after the Indian rupee fell to below 54 a dollar and the exchange market slumped for days on end.
Mukherjee told the media that despite the difficulties being met by India's economy, the country's growth was intact and there is no need to panic. "International situation is difficult. Country after country is witnessing economic crisis. I shall have to keep in mind it's a difficult world," he said.
Mukherjee added that the government would resort to some" unpopular"steps to deal with fiscal problems. "I am going to issue some sort of austerity measures to convey a signal that we are responding to the situation", he said.
In the 2012-13 budget, the government has increased taxes on a series of commodities. |
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