Finance minister Pranab Mukherjee on Wednesday at the Lok Sabha expressed dual standards when claiming that the situation was quite alarming but the necessary steps are in place to put the de-saddled economy back on track. The statement was very courageous of the FM but only he knows when he could pull the country back on track. Because the GDP suggested in the last budget speech has further gone down and the public are expecting that he does something to get them out of the debt trap.

FM told the Lok Sabha that India's economy was in a "difficult situation" due to slowing growth, stubborn inflation and a widening fiscal deficit, but its fundamentals were strong. Mukherjee said that the retail prices of many essential commodities including rice and wheat have remained stable during the last two years even as the government has increased the minimum support price of those grains. He said "I accept that 8 percent inflation is still high but you cannot say that nothing has been done." 

He further added, "The economy is in a difficult situation but that does not mean that we shall have to start eating lizards," while replying to the discussion on the second batch of supplementary demands for grants (general) 2011-12. He said India's exports had grown considerably due to the diversification of markets.

The finance minister said the proposed reforms could help improve the situation. "I do believe that things can improve if the institutions strengthened, if Parliament functions, if this House debates, discusses and decides for which it is meant, you will see the atmosphere will change," he said.