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Eurozone crisis, very poor industrial growth number and sharp depreciation of the Rupee have made the Finance Minister Mr Pranab Mukherjee a real worried man. Now, he wants collective effort to overcome all the challenges.
Talking to reporters on the sidelines of an international conference on 'Global Cooperation for Sustainable Growth and Development: Views from G20 Countries’, Mr Mukherjee said, "Series of bad news are coming."
The government announced on Monday that the industrial growth plunged to a 21 month low. On the other hand the rupee shedded 0.66 paise to hit 14 month low. Although the rupee recovered a little bit during the initial trading on Tuesday but concerns are still there.
Earlier addressing the conference, Mr Mukherjee stressed the need for strengthening local growth drivers in emerging markets is necessary to re-balance the global financial system. "The need of the hour is global economic reforms that lead to sustainable growth," he added.
He also said that a series of rate hikes across emerging economies, aimed at taming inflation, could spur heavy capital inflows into their markets and de-stabilize their foreign-exchange rates.
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