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Economy in difficult situation, still no need to panic: FM

08 Dec 2011 Evaluate

Finance Minister Pranab Mukherjee has conceded that the country’s slowing growth and rising subsidy bill are impacting the fiscal deficit and the Indian economy was in difficult situation. Stubborn inflation, slowing down growth and difficulty in containing fiscal deficit continue to remain the three major areas of concern. But still finance minister said there was no need to ‘panic’ as the fundamentals were still strong.

Replying to a debate on the second Supplementary Demand for Grants in Lok Sabha to spend a net additional Rs 63,000 crore this fiscal including the net cash outgo of Rs 56,848 crore, in the current fiscal year to end-March 2012, he said that the projection of 9 percent growth during the budget was not a pipe dream, but the unexpected high prices of oil and other commodities coupled with a slowdown in global economies, notably in Europe and the US, had hit the Indian economy hard. He said fertiliser subsidies were likely to increase to Rs 90,000 crore against the budgetary target of Rs 40,000 crore.

In August, the finance minister had asked for additional expenditure of Rs 34,724.50 crore, of which the actual spending or the net cash outgo was a mere Rs 9,016.06 crore, and the balance was to be matched by internal savings.

Pranab Mukherjee said with a headstrong, near-double digit inflation also posing a grave concern. 'This country cannot afford to have more than 5-6 percent of inflation,' by adding further he said, food inflation at 8 percent was very high.

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