Making an intervention during the G20 Deputies Meeting here, Mr Mayaram said the Indian Government announced a slew of policy reforms and Budget reflected this in full measure.

In a note released ahead of the G20 meeting of Finance Ministers and central bank governors at Cairns in Australia, IMF said India needs to take more steps to reduce stubbornly high inflation and the large fiscal deficit.

Opening the meeting of finance ministers and central bankers, Australian Treasurer Joe Hockey outlined an ambitious agenda of boosting world growth, fireproofing the global banking system and closing tax loopholes for giant multi-nationals.