Finance Minister Pranab Mukherjee today said that the government is taking a number of steps for fiscal consolidation to further strengthen and sustain economic growth. In a written reply in the Lok Sabha, Mr. Mukherjee said the measures for fiscal consolidation include efforts to restrict the expenditure on central subsidies to under two percent of GDP in 2012-13 and to further bring it down to 1.75 percent of GDP in the next three years. Government is also making a determined attempt to reduce the budgeted fiscal deficit to 5.1 percent of GDP in BE 2012-13 from 5.9 percent of GDP in RE 2011-12. In addition, efforts are being made towards enactment of Direct Taxes Code, and drafting of model legislation for Goods and Services Tax, GST. Mr. Mukherjee said Standard and Poor's in its report did not downgrade India's credit rating. The Finance Minister said the S&P rating should be viewed in the context of global economic conditions. He said since April 2011, several countries were downgraded by rating agencies, however India's sovereign rating have either been affirmed or upgraded in segments.