Steps to fight global crisis at right time: Pranab



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.

PTI