Friday, August 30, 2013

Rupee fell on external factors, reduce hunger for gold: PM

(7STAR NEWS):-Prime Minister Manmohan Singh on Friday expressed concerns over the falling rupee and said external factors were responsible for it. \"What triggered the sharp depreciation in the rupee value are certain external forces. Global factors like tension in Syria and prospects of US tapering its federal policy also had an impact,\" Manmohan Singh said while making a statement on the economy in the Lok Sabha.

He also urged people to control the consumption of gold and oil. \"We need to reduce our appetite for gold and economise the use of petroleum products and take steps to increase our exports,\" Singh said.

Noting that the rupee has also been hit due to the Current Account Deficit, the Prime Minister assured that the government will take steps to restrict it. \"The Government will do whatever is necessary to contain the fiscal deficit to 4.8 per cent this year,\" Singh said.

Manmohan Singh, however, said that the government won\'t go back on reforms in the current economic situation. \"There is no question of reversing economic reforms. The cabinet decisions to give go-ahead to projects will show results in the second quarter,\" he said.

Manmohan Singh urged the Opposition to help in passing of certain bills for economic growth. \"Many bills are stalled due to lack of political consensus. I urge political parties to come together and get them through for the economic growth,\" Singh said.

However, the Bharatiya Janata Party was dissatisfied with the Prime Minister\'s statement. BJP MPs even walked out of the Lok Sabha after the statement. \"The Leader of the Opposition stood to say something but the PM just left the House. He has insulted the Opposition and the House. So the Leader of the Opposition said that we are hurt by the PM\'s behaviour and so we walk out of the House,\" BJP leader Yashwant Sinha said.
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