Finance Minister Pranab Mukherjee on Monday said the government has to address the high fiscal deficit, and that the country needs to return to a high growth path.
Here are the highlights of his speech after the Congress Working Committee meeting:
- Export, import and current account deficit has to be reduced
- On national elections we take a common approach, and in state elections we take an approach relevant to the state
- The oldest political party in the country has to take up the challenge; the situation is difficult, but we will be able to retrieve the situation
- Fortunately, international prices have started coming down, Brent Crude has come down below $100/ barrel
- I explained the situation in the overall world economy
- There are four major focus areas - Fiscal deficit, Current account defict and higher growth trajectory. I think comparison between 1990 and 2012 is not correct.
- In an economy, and a nation, there are ups and downs - but no reason to believe that we are going back to a situation that was in 1990.
- Petroleum prices were discussed, naturally nobody is happy. I explained to members of CWC that I have writer to various Chief Ministers.