India plans to issue some austerity measures, says Pranab Mukherjee

May 16, 2012 |

Reuters

New Delhi

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India will issue some austerity measures to aid the fiscal consolidation process, Finance Minister Pranab Mukherjee said on Wednesday.

Mukherjee's comments came after the rupee hit a record low against the dollar as risk aversion in global markets added pressure on a currency already under fire from fiscal and current account deficits that are weighing on growth.

The Sensex as well as the Nifty extended falls to over 2 percent.

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