Manmohan blames ‘several factors’ for falling rupee,economic gloom

The Prime Minister also blamed US monetary stance and Syria unrest for the economic situation.

Written by Press Trust Of India | New Delhi | Published: August 29, 2013 1:29 pm

With falling Indian rupee and rising oil prices casting a shadow over Indian economy,Prime Minister Manmohan Singh today said the country is faced with a difficult economic situation for which some domestic factors too were responsible.

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“It cannot be denied that the country is faced with a difficult economic situation,” Singh said after Leader of the Opposition Arun Jaitley sought his response on the Indian rupee hitting a life-time low.

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“There are several causes (for the economic woes). I do not deny some domestic factors too are responsible,” he said.

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Listing some of the external factors that have impacted rupee and Indian economy,Singh said US monetary stance and problems created by tensions in Syria and its “inevitable consequences on oil prices” have played their role.

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“We have to reckon with these uncertainties,” he said,adding he needed “some time to reflect” on these.

“I would be happy to make a statement tomorrow,” the Prime Minister said.

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