India's union Finance Minister Pranab Mukherjee has said that the government is looking to implement additional austerity measures in order to address the difficult economic situation in the Indian economy but pointed out that the authorities are panicking over the situation.

While concluding a debate on Finance Bill 2012 in the Rajya Sabha, he pointed out that the country's growth story was intact even as the growth in country's Gross Domestic Product (GDP) fell to 6.9 per cent in 2011-12, from 8.4 per cent in the previous two years.

Experts say that foreign investors were concerned over General Anti Avoidance Rule (GAAR) issues and indirect transfer norms in the proposed Finance Bill 2012. With the delay in the implementation of GAAR, the investors have shown some relief but other factors continue to put pressure on the Indian rupee.

"International situation is difficult. Country after country is witnessing economic crisis. I shall have to keep in mind it's a difficult world. I cannot live in a world which is not real", he said. He pointed out that fundamentals in the Indian economy have to be changed to make the growth more sustainable.

The bill has been returned, completing the three-stage budgetary exercise for 2012-13 by Parliament.