New Delhi: In what is seen as a climb down, Finance Minister Yashwant Sinha on March 9 said he would discuss the issue of roll back of LPG and kerosene price hike with Prime Minister A B Vajpayee apparently under pressure from various political parties including BJP.

Sinha, who had earlier ruled out any rollback of LPG price hike of Rs 40 a cylinder in the Budget, on March 9 said "I am neither ruling in the possibility nor ruling out the possibility."

Asked if it was true that Prime Minister has agreed for a discussion on the issue as announced by Petroleum Minister Ram Naik on March 8, Sinha said, "I have also read in the newspaper. I will discuss the matter with the Prime Minister."

Whatever has to be done would be announced on the floor of either House of Parliament, Sinha told reporters on the sidelines of a seminar on globalisation.

To a question on what was his view on the rollback, Sinha said, "I have no opinion of my own. The Budget I have presented is the decision taken by the government of India. Whatever announced is the government's decision."

Sinha voiced concern over the mounting fiscal deficit and said the strength of the economy lay in strong macro economic fundamentals.

Justifying the hard decisions taken in the Budget, he said, "while poverty elimination would be our main goal, we must manage our affairs and also learn to make sacrifices. Those who do not learn to make sacrifices will be heading towards the doors of International Monetary Fund (IMF)".

Citing the examples of Brazil and Argentina, Sinha said the comfortable FOREX reserve of $ 50 billion could evaporate in no time if the external sector was managed well.

Brazil, which had a comfortable $ 75 billion FOREX reserve witnessed an outflow of $ 25-30 billion within 15 days forcing it to approach IMF for structural adjustment loans.

"You never know when the tornado hits you. You should be guarded," he said, adding when there is a "run", it should be controlled.

Unlike Pakistan, Sri Lanka and Bangladesh, Sinha said India was in a "commanding position" as it no longer took loans from IMF and was able to discuss issues as "equals" in the multi-lateral fora.

PTI