Finance Minister Pranab Mukherjee today sought co-operation from industry to accelerate the pace of economic growth. In his post budget Interaction with industry leaders in New Delhi today Mr. Mukherjee urged other stakeholders to play their part to meet this objective.

Responding to a volley of questions on economic growth, the Finance Minister said, in the past years, Euro Zone crises has impacted India's growth as well .He said the impact of high volatility in international commodity prices, uncertainty and fragile economic growth in the developed nations on Indian economy will have to be addressed collectively by the government, political establishments and the industry.

He dismissed reports that hike in excise and service taxes will further escalate inflationary pressure.

The Finance Minister clarified that tax-related cases, which are more than six- year-old will not be opened. Mr. Mukherjee said that implementation of Good and Services Tax, GST and Direct Tax Code, DTC, would require two-third majority in both the Houses of Parliament and therefore, the government is trying to evolve a consensus among the different political parties.

Finance Minister said he was extra careful while formulating his Budget proposals in view of the political situation on the ground. Mr. Mukherjee said the government is focusing on improving domestic demand to promote medium term growth.

Finance Minister expressed confidence to bring down the fiscal deficit, the gap between overall expenditure and revenue, to 5.1 per cent of GDP in 2012-13, from 5.9 per cent in the current fiscal.

Mr. Mukherjee said the Indian economy will grow at 7.6 per cent, plus- minus 0.25 per cent in the 2012-13 fiscal.