"The Prime Minister made a statement in the Parliament yesterday and his statement was not convincing. It didn't have any answers. It was such a disappointment and the PM's statement is an admission of the failure of the Congress led UPA II government to manage the economy. I do not find the PM's statement giving any confidence to the people of this country, and the economy is in deep crisis. The Congress government has completely failed to address the real issues and take measures to save Indian economy," he said.
"This is the result of the disastrous, anti-people economic policies pursued by the UPA II government but the Prime Minister refuses to acknowledge that, and says there is no question of reversing the policies. The Left parties have been consistently pressing on the need for alternative policy framework to save the economy," he added.
Prime Minister Dr. Manmohan Singh on Friday said that the Central Government is taking steps to reduce current account deficit and added that growth will improve in the second half of fiscal year.
"There are concerns and justifiably so on how rupee fall will impact economy, the movement of the rupee recently is a matter of concern to the government," Dr. Singh told the Lok Sabha while making a statement on the current economic situation.
"What triggered the sharp depreciation in Rupee value was due to certain external forces. We need to reduce our appetite for gold, economise the use of petroleum products and take steps to increase our exports," he said.
Dr. Singh further said: "To some extent, depreciation can be good for the as this will help to increase our export competitiveness and discourage imports."
Urging political parties to work towards and join in the Government's efforts to put the economy back on the path of stabile growth, Dr. Singh said: "The easy reforms of the past have been done. For more difficult reforms, we need political consensus."
--ANI (Posted on 31-08-2013)