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PM: Difficult economic situation
Prime Minister Manmohan Singh said he would make a statement on Friday on the falling rupee, which had triggered nationwide concern, with rising inflation and soaring oil prices casting a shadow on the Indian economy. “It cannot be denied that the country is faced with a difficult economic situation. And there are several causes.
To make a statement on rupee fall today
Venkat Parsa
New Delhi: Prime Minister Manmohan Singh said he would make a statement on Friday on the falling rupee, which had triggered nationwide concern, with rising inflation and soaring oil prices casting a shadow on the Indian economy. “It cannot be denied that the country is faced with a difficult economic situation. And there are several causes.
I do not deny that there are some domestic factors but there are also international factors arising out of the changes in the US monetary stance. There are also problems created by the new tensions that are on the horizon in Syria and they have inevitable consequences for oil prices. So we have to reckon with all those uncertainties,” he said. Prime Minister Manmohan Singh said, “I will be very happy to make a statement tomorrow. I need some time to reflect on what I have to say, but I would be quite happy to make the statement tomorrow.”
Concern was expressed in both Houses of Parliament on the issue on Thursday, when leader of Opposition Sushma Swaraj demanded a statement from the Prime Minister himself. “Rupee is not just a piece of paper or a mere currency but it is linked to national prestige. As the rupee depreciates, the national prestige declines,” she said. Sushma Swaraj said Finance Minister P Chidambaram had spoken in the House on Tuesday. But instead of checking the fall in the value of the rupee, the opposite had happened, she remarked.
In the Upper House, leader of Opposition Arun Jaitley said, “It is a panic situation and, therefore, the country wants not merely a discourse on economic theory but the country would like to know from the Prime Minister as to what the Prime Minister has in mind with regard to reviving this situation. In a democracy, the buck stops with the Prime Minister. It does not disappear with the Prime Minister.
Therefore, since the Prime Minister has been silent all these days on this particular subject and I do believe he is the best person, who can address us on this, the Prime Minister must take the House and the country into confidence about the steps he wants to take to get the country out of this situation. If the Members want to seek clarifications or express their opinions, they should be allowed to do that.”
