PM to speak on economic crisis Friday

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SME Times News Bureau | 30 Aug, 2013
Facing an attack over the economic situation amid a sliding rupee, Prime Minister Dr. Manmohan Singh, on Thursday, informed the Lok Sabha, that he will make a detailed statement on the crisis in Rajya Sabha on Friday, reports media.

"I respect the concern expressed by members of this House over the fall in the rupee," the Prime Minister said.

In brief remarks to the Rajya Sabha, of which he is a member, Dr Singh had earlier said, "I cannot deny that the country is faced with a difficult situation...I don't deny there are some domestic factors."

He then promised to make a full statement on Friday.

The Congress-led government hoped that assurance would help the lower house function and take up the Land Acquisition Bill which was later passed.

The Bill is the second populist legislation to be cleared by Lok Sabha which had passed the Food Security Bill earlier this week.

The Opposition had forced repeated adjournments in Lok Sabha on Thursday morning, demanding that the PM explain why the rupee had been allowed to slide to record lows.

The currency had touched an alarming 68.50 to the dollar on Wednesday.

"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 rupee hitting a life-time low.

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

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.

"We have to reckon with these uncertainties," he said, adding he needed "sometime to reflect" on these. "I would be happy to make a statement tomorrow," the Prime Minister had said.