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Country faced with difficult economic situation: PM

  •   Thu, Aug 29 2013 04:18:42 PM

New Delhi, Aug 29 (IANS): Prime Minister Manmohan Singh Thursday said the "country is faced with difficult economic situation" and several domestic and international factors have contributed to it.

"The country is faced with the difficult economic situation and there are several causes," Manmohan Singh said during question hour in the Rajya Sabha in response to repeated demands from the opposition for a statement on the subject.

He assured the house he would make a statement Friday.

"I do not deny if there are some domestic factors but there are also international factors arising out of the changes in the US monetary stance," he said.

"There were also problems created by the tensions that are on the horizon in Syria and there have been several inevitable consequences of oil prices," he said.

The Indian rupee had touched a new low of 68.80 against the dollar Wednesday.

Leader of Opposition in Rajya Sabha Arun Jaitley demanded a statement from the prime minister, saying there is a panic situation and the house wanted to know what the prime minister had in mind to deal with this.

"In a democracy, the buck stops with the prime minister," said Jaitley.

Manmohan Singh said the country has to deal with all these uncertainties.

"I will be very happy to make a statement tomorrow (Friday) and I need some time to reflect upon what I have to say," the prime minister said.
  

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Comment on this article

  • S Badrinarayanan, SHOLINGHUR

    Thu, Aug 29 2013

    Let the problem be analysed thoroughly and crystal clear Corrective & preventive actions be spelt out and strongly put in place by the country's one of the senior most economists.

    DisAgree Agree [7] Reply Report Abuse

  • Ram P, Bangalore

    Thu, Aug 29 2013

    7-8 years back when the International crisis started, this same PM, the then FM and the present FM said the our country will not be affected by the crisis. Their false notions have once again proved wrong.

    DisAgree [6] Agree [6] Reply Report Abuse

  • Suresh, Bangalore

    Thu, Aug 29 2013

    Thank you sir for accepting, but who bought this situation to the country, can you please accept this debbacle as well, instead of blaming the external and internaltional factors.

    DisAgree [6] Agree [8] Reply Report Abuse

  • Upendra singh, Hyderabad

    Thu, Aug 29 2013

    Q.Who is reponsible for this ?
    A.UPA government only

    DisAgree [13] Agree [9] Reply Report Abuse

  • kunal, ahmedabad

    Thu, Aug 29 2013

    This situation is created by UPA government only. to make big 'GHOTALA'. loot loot and only loot. Govt. has done nothing except loot.

    DisAgree [15] Agree [11] Reply Report Abuse

  • CONRAD JOHN TAURO, SHIRVA/UDUPI/DUBAI

    Thu, Aug 29 2013

    Failed Economist.

    DisAgree [9] Agree [12] Reply Report Abuse

  • p v subramanian, coimbatore

    Thu, Aug 29 2013

    Thanks for bringing this country to such a situation Mr PM, Mr FM and Mr M S Aluwalia.

    DisAgree [9] Agree [9] Reply Report Abuse

  • A Xavier, Bangalore

    Thu, Aug 29 2013

    Investment from abroad is good for a short time. It would be disastrous in the long run, if the investors do not find it profitable. We should have a growth model not on the basis of western standards. Our growth dependent on foreign resources, physical and technical, is not good for the economy in the long run, unless we build capacities that do not need foreign capital any longer. Our people can be employed gainfully without importing the resources from foreign countries. We have failed in our economic policies that are not in tune with the availability of resources in our country. I hope honourable PM will review our economic policies so far pursued. I wish PM give a bit of thought to Gandhian model of economy for self-reliance and sufficiency.

    DisAgree [1] Agree [11] Reply Report Abuse

  • Suraj dogra,

    Thu, Aug 29 2013

    Our current govt are not interesting in this monster problem. Recently they had passed a food security bill only for vote bank. They havent saw the problem that will arise due to it. This will make our current situation more devastrative.

    DisAgree [7] Agree [13] Reply Report Abuse

  • AKP, Ahmedabad

    Thu, Aug 29 2013

    sare paise kha gaye 2G scam , coal scam , Common wealth game scamab to yad rakhna bhi mushkil ho gaya hai itne scam kiye hain is sarkar ne godown me anaj sadte rahe aur ye foreign se import karte rahe economic sudhar ke nam par roj har chij ka rate badhate rahe aur ab kahte hain ki economic crisis hai ye crisis is sarkar ki den hai

    DisAgree [4] Agree [6] Reply Report Abuse

  • Benny, Anjuna

    Thu, Aug 29 2013

    When the whole world was reeling under financial crisis India somehow managed due to a learned PM and a stable policy. If the hooligans that currently oppose every move of government were at the helm , our country would have already become Somalia. Just take the example of what became of Karnataka within the few years of rule by Yeddy. The current situation is faced by most countries all over the world. The only problem we face is the vested interests within government that do not allow PM to function at all. It wont change with the change of the government.

    DisAgree [25] Agree [17] Reply Report Abuse

  • Sampath, Mlore/ Blore

    Thu, Aug 29 2013

    It shows the cpacity one has to govern the country. When the person known as the " BEST STATESMAN" is showing his helplessness. what will the comman citizen of this country can do?

    Get all black money out then this country will automatically come out of Economic crisis.

    DisAgree [7] Agree [19] Reply Report Abuse

  • MV Ramana, Bangalore

    Thu, Aug 29 2013

    Sir
    The falling of Rupee and the economic slow down was not just this week's problem. It has been happening since the UPA-II took charge. It is a pity that the PM has so far not given any thought to it and asks for time up to friday to replay.

    DisAgree [13] Agree [13] Reply Report Abuse


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