Consensus on forex reserves needed: PM

Singh also expressed concern at the high rate of fiscal deficit. 8216;8216;he fiscal deficit of the Centre and the state is at a high 10 per cent of GDP.

This is much too high even by international standards. This is an issue of concern,8217;8217; he said. Responding to the recent oil price hike and Left parties8217; concern, the Prime Minister said: 8216;8216;I share the concerns of the Left parties. It was unavoidable and not an easy option. It was a painful decision.8217;8217; He added that he proposes to discuss this issue with the Left parties.

Defending the government8217;s decision to hike oil prices, Singh said that oil companies like ONGC and IOC were unable to invest their profits in oil exploration.