Kolkata, Nov 13: Emphasising that he will not hesitate to take harsh measures to control sovereign debt and fiscal deficit of the country, union Finance Minister Pranab Mukherjee Sunday said the financial crisis in Europe is likely to affect the Indian economy. He also said that taking into account the current global economic scenario, the Gross Domestic Product (GDP) growth rate will be less than the targeted nine percent at the end of this fiscal.
 "I am worried and disturbed because I do not want the situation where sovereign debt would be too high and fiscal deficit unmanageable," Mukherjee said at a programme organised by industry body Assocham here.
 He said the financial crisis in Europe was likely to create adverse impact on the country's economy.
 "The lesson we can draw from the experiences in Europe is that leaving the golden path of fiscal regulation and control will not help the existing economy, particularly the economy of big countries like India," he said.
 "We have to come back to fiscal consolidation," he stated. "We have to be taught... and I can assure you that as a finance minister, I will not hesitate to take the taught decisions at an appropriate time," Mukherjee said. IANS

Lastupdate on : Sun, 13 Nov 2011 21:30:00 Makkah time
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