News Desk: Expressing the concern over the slowdown in economic growth, Union Finance Minister Pranab Mukherjee said that the government will take some austerity measures to address it.


Mukherjee in the Lok Sabha assured that India's growth history remained intact despite global economic slowdown and euro zone crisis. He said that the government is concerned over the current situation and will take some steps to address it.


Mukherjee's statement comes hours after the rupee hit a record low against the US dollar on Wednesday. The Sensex as well as the Nifty also declined to over 2 per cent.


He assured that India's growth story will not come to an end. Hurdles will come, but it will regain, he said. "I am not pressing panic button. We are concerned over slowdown in economic growth. Government is taking steps to address it".


On the fuel price rising, he said that the government will have to take collective measures. He also talked about the FDI in retail issue. He said that the government wants the FDI but it will take some more time to resolve the issue as it is the coalition government.


On retrospective amendments to tax laws, the Finance Minister said Parliament is omnipotent and there was no confrontation with judiciary on it.

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