Kolkata: Finance Minister Pranab Mukherjee
on Sunday said that the global economic crisis have had an impact
on India, but there was no need to panic and the government
would not hesitate in taking tough decisions, if needed.
"The 2008 and 2011 crises have created some adverse
impact, but that does not mean there is need for despondency
and suffering," he told Assocham members here today.
"As a finance minister, I assure you that we will not
hesitate to take tough decisions at appropriate time,"
Mukherjee said referring to the eurozone crisis that may have
some adverse impact on the economy.
Mukherjee indicated that the government would take
measures for fiscal consolidation to manage the high deficit
created by the previous Rs 1,86,000 crore stimulus package to
combat the global financial meltdown in 2008.
"I do not want a situation where sovereign debt is too
high and fiscal deficit is unmanagable... so we have to come
back to fiscal consolidation," Mukherjee said.
The fiscal deficit target of 4.6 per cent will remain a
challenge, he said.