FM announces new austerity measures

Indicative of the tough days for the economy ahead, the Union finance minister Pranab Mukherjee on Friday announced new austerity measures aimed at reducing government expenditure. The measures include putting a blanket ban on buying new vehicles by the government, besides imposing curbs on holding workshops/meetings by government officials at five-star hotels. Foreign trips by government officials will also be restricted, as part of the new initiative. However, Mukherjee assured that there was no need to press the "panic button".