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India Is Moving Towards Fiscal Consolidation: FM

Monday, May 23, 2011

“India grew at the rate of 8.6 per cent when the major global economies were facing recession, and now India is moving towards the phase of fiscal consolidation,” said Union Finance Minister Pranab Mukherjee on the sidelines of the launch of Social Banking Products by the Union Bank of India on Saturday in Mumbai.

“Inflation is a major challenge in the short term as inflationary pressures persist both from higher global commodity prices and domestic structural imbalances in several commodities,” Mukherjee said.

However, he quickly added that his government along with the RBI are trying to achieve higher growth and bring down inflation to acceptable level. "The government and the RBI have taken measures to bring down inflation ," Pranab Mukherjee added.

Under the unioninclusions scheme launched by the Bank includes various initiatives including biometric card-to-card remittance facility for migrant labour.

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