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Pranab sets new austerity rules

The signals of tough days ahead have attacked and the finance minister pranab mukherjee on Friday announced new austerity measures aimed to reducing the government expenditures. The slowing economy and the rising inflation has put a blanket ban on buying new vehicles by the government, besides the finance minister has also announced to impose curbs on holding workshops/meetings by government officials at five-star hotels. Foreign trips by the government officials will also be restricted keeping in view the government expenditures. Yesterday, pranab had said that he would impose new austerity measures to address india’s fiscal problems and increase growth. In a statement made yesterday, He said that the government’s focus would be on improving sentiment but stressed there was no need to press the "panic button". The step by pranab mukherjee is definmetly appreciated by one and all but now, it is about keeping a check on how long will this round of spend less resolve will last.

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