Mukherjee for more financial sector reforms

Finance minister Pranab Mukherjee indicated in Washington that the government of India was desirous of implementing more reforms in the financial sector, but had not gone ahead with the process as the Congress led United Progressive Alliance (UPA) government did not have the requisite majority in parliament to pass the bills.

Mukherjee was speaking to the media following the conclusion of the IMF-World Bank annual meetings.

Mukherjee said inflation was hovering at around 8 per cent, and regarding the rising food commodity prices, he expressed confidence that steps were under way to contain inflation. He added that he hoped the prices of food inflation would come down to 6 per cent.

"This is an area where constant watch and evaluation of the situation (is being made) and thereafter appropriate steps will have to be done. My own assessment is that the annualised rate of inflation would be around six per cent," he said.

He further expressed optimism of India getting a permanent seat in the United Nations Security Council (UNSC), on its expansion.

He added that export control was an area where much improvement was needed.