Pranab begins austerity: Foreign trips, car purchase curtailed

May 18, 2012 13:00

Moving on to other news. Signalling the beginning of the government's austerity measures, finance minister Pranab Mukherjee said foreign trips by government officials will be restricted apart from a ban on the purchase of vehicles by the government.

The finance minister on Wednesday said he would impose new austerity measures, howsoever unpopular they may be, to address India's fiscal problems and spur growth. Replying to the debate on Finance Bill in the Rajya Sabha, Mukherjee said the government was keen to improve sentiment, but stressed there was no need to press the "panic button".

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