Pranab: Impossible for centre to absorb price rise

June 04, 2012 18:01

Amid the all-round clamour for reforms like doing away with fuel subsidies, Finance Minister Pranab Mukherjee today said there is no "headroom for running a proactive fiscal policy". "...the second round of global uncertainty and the slowdown has come rather quickly on the heels of the previous one, with practically no headroom for running a proactive fiscal policy," Mukherjee said at the annual conference of CBEC. He said it was impossible for the centre to absorb the price rise and he had written to states to share the cost.

His comments come amid demand from various quarters that the government imitate bold reforms to boost the sagging economy. The demand got a further clout after the economic growth in 2011-12 recorded the nine-year low growth of 6.5 per cent.he Finance Minister, however, pinned hopes on declining
global crude oil prices and normal monsoon in improving growth.

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