By IANS,
Mumbai: India needs to return to the path of fiscal consolidation and take all necessary steps to moderate inflation, Union Finance Minister Pranab Mukherjee said here Saturday.
“Fiscal expansion led to fiscal deficit, to the problem of unstable price regime, coupled with global price increase. Therefore, we have to come back to the path of fiscal consolidation,” Mukherjee told reporters.
“India had to take a series of steps to protect the domestic economy from the contagion of the global credit crisis in 2008,” he added.
While presiding over the review meeting of the Investigation Wing of the Income Tax Department, Mukherjee showed keen interest in the facilities at the Cyber Forensic Lab of the Income Tax Department.
He also interacted with officers of the Investigation Directorate which had earlier brought to light undisclosed income of Rs.1,770 crore.
Mukherjee said that combating tax evasion through search and survey was important to nation building.
“Technology is a double-edged weapon as the tax-evaders also use it to find out ways to avoid due payment of tax,” he said.