Economy in tough times, doesn't mean we start eating lizards.Our basic fundamentals are still strong,: Pranab Mukherjee Dec 7, 2011

Economy in tough times, doesn't mean we start eating lizards: Pranab Mukherjee

Pranab Mukherjee

Although the economy is in a difficult situation, things have not come to such a pass that people should start eating lizards, finance minister Pranab Mukherjee said.
PTI | Dec 7, 2011, 07.51PM IST

NEW DELHI: Although the economy is in a difficult situation, things have not come to such a pass that people should start eating lizards, finance minister Pranab Mukherjee said.

"The economy is in a difficult situation, but it does not mean that we should start eating lizards. Our basic fundamentals are still strong," he said in Lok Sabha in reply to a discussion on the second batch of Supplementary Demands for Grants, 2011-12.

He said the savings rate and the investment rate have continued to remain strong at around 33-35% despite slowdown.

Referring to price rise, the minister said that food inflation has come down from 22% in February 2010 to 8% in November 2011 but there is a need to bring it down to 5-6%.

He further added that India has been recording good growth compared to many other countries, though it has come down from the high level of 9%.

In the second quarter of the fiscal the economy expanded by 6.9%. It may, however, slip to 7.5% in the current fiscal from 8.5% in 2010-11.