Union Finance Minister Arun Jaitley has reiterated that the Government is committed for fiscal consolidation.<br/><br/>He was speaking at the Plenary session of the International Monetary and Finance Committee, IMFC of the International Monetary Fund, IMF in Lima, Peru on Friday.<br/><br/>Mr Jaitley said the current account deficit in the country has come down substantially to around 1.3 percent of GDP in 2014-15, which was around 4.8 percent two years earlier.<br/><br/>Similarly, the finance minister said that a couple of years back, India was suffering from double-digit inflation; now the inflation has dipped to a low of 3.7 percent.<br/><br/>He said that the country is utilizing the regime of lower oil and commodity prices to increase investments in infrastructure and irrigation.<br/><br/>Mr. Jaitley said that India is also undertaking comprehensive subsidy rationalization and has successfully rolled out the largest financial inclusion initiative in the world under which around 185 million bank accounts have been opened.<br/><br/>Funds are being transferred under flagship schemes directly into the accounts of the beneficiaries.