India’s union Finance Minister, Mr Pranab Mukherjee has dismissed suggestions that the economic situation in the country can be compared to that in 1991.

He pointed out that the foreign currency reserve of the country today is much stronger than in 1990. He said that such comparisons are incorrect while making a presentation to the Congress Working Committee on the economic situation.

The Economic Times carried a headline indicating the country is heading towards a 1991 like situation when the government needed an IMF bailout to save itself from bankruptcy. Others have described the low figures as a wakeup call for the government.

India’s GDP growth has fallen to its lowest level in 9 years to 5.3 per cent for the fourth quarter of the financial year till March 2012. The GDP growth for the same quarter of 2010-11 was 9.2 per cent, showed the latest data announced by the company.

Prime Minister, Dr Manmohan Singh said in his address to the Congress Working Committee that despite a global slowdown, India’s growth remained at 7 per cent, which according to him was among the fastest in the world.