India will issue some austerity measures to aid the fiscal consolidation process, Finance Minister Pranab Mukherjee said on Wednesday.
Mukherjee's comments came after the rupee hit a record low against the dollar as risk aversion in global markets added pressure on a currency already under fire from fiscal and current account deficits that are weighing on growth.
The Sensex as well as the Nifty extended falls to over 2 percent.