Tough economic situation for India: PM

NEW DELHI: Under sustained opposition attack in Parliament over rupee's free fall, Prime Minster Manmohan Singh on Thursday conceded that the country was facing a "difficult" economic situation and had to reckon with the uncertainties triggered by global factors, including US monetary stance.

He will come out with his elaborate response on the 'difficult economic situation' in both Houses on Friday. "It cannot be denied that the country is faced with a difficult economic situation. 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 US monetary stance," Singh said in Rajya Sabha.

Responding to members' demand seeking his statement on the issue, the PM said, "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. I need some time to reflect on what I have to say, but I would be quite happy to make the statement tomorrow."

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