Global economic situation still ‘fragile’ FM

Finance Minister Mr. Pranab Mukherjee today said that the global economic situation is still fragile as Eurozone crisis is yet to be contained and this may impact India also.

In an interview to the All India Radio, Mr. Mukherjee said that the last year when he prepared the budget, he had a glimmer of hope all around. The economies were recovering.

But this time the global scenario is yet to improve. He said the task ahead of him is to bring subsidy down to 2 per cent of GDP and subsequently to 1.75 per cent. The subsidy remains at 2.5 per cent of GDP currently.

The Finance Minister said that he has pegged fiscal deficit for the next year at 5.1 per cent which has gone up to 5.9 per cent this year. The full interview can be heard in the later part of the Bulletin.


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