To issue austerity measures to improve fiscal health: FM

India will issue some austerity measures to aid the fiscal consolidation process, Finance Minister Pranab Mukherjee said. Addressing the Parliament, he assured that the government has taken steps to boost growth. He is confident that India growth is intact and it is only the Greek crisis that is pulling the domestic market down.

However, there are many concerns overhanging India’s growth. The FM is concerned that GDP growth has fallen to 6.9%. Meanwhile, Mukherjee informed that the government is planning measures to bolster growth like allocating more grains to states, increase food subsidy and spending in rural infra, social sector to step up local demand. Talking on the rising fuel prices, he said that the government can't pass on entire oil price rise burden to consumers. "We are examining if crude oil imports can be reduced. We need to take collective measures on rising fuel prices," he reiterated.  Also watch the accompanying video for the full speech.