India needs to regulate financial market: Pranab Mukherjee

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Washington, Sep 5 (ANI): Finance Minister Pranab Mukherjee has said that there is a need to regulate the financial market, but it should not be used to devise any kind of protectionism.

In an interview to CNN, Mukherjee said: "We have to strike a balance. There is a need of regulating the financial market. We shall have to keep in view the federal reserves-the larger social interests - interests of the society as a whole, not fragmented and fractured internally."

Saying that there is no consensus among major economies on the lessons learnt from the current global economic crisis, the Finance Minister said, " If we look at the way G-20 responded, we have ourselves been made to address only those issues where there is the possibility of consensus."

Mukherjee further said that the G-20 should not pick up those issues where consensus is elusive. It should not be too much constructionist policies in the grab of another form of protectionism," he added.

Mukherjee further said that said that India should have to come back to the fiscal conservatism.

"I am ending the year with a 6.8 percent of fiscal... but I will come around to 5.5 and four percent in the next two years," he added. (ANI)

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