New Delhi :It cannot be denied that the nation is facing a difficult time, and attributed the present economic situation to several domestic and international factors said Prime Minister Dr.Manmohan Singh on Thursday.
Dr. Singh, who was responding to demands by several opposition members in the Rajya Sabha, said the situation in the US and the tensions in Syria have inevitable consequences on the oil prices.

The Prime Minister will make a statement in Parliament on Friday on the countrys economic situation.

The rupee today recovered from its all-time low of 68.75 to the dollar, rising 170 paise to Rs. 67. 10 against the dollar in early trade.The rise was attributed to fresh selling of the US currency by exporters and banks.

Finance Minister P.Chidambaram also underlined the need to encourage manufacturing in sectors like power, steel, automobiles and textiles.

“We must increase production of electronics and textiles. We are importing things which we should not have imported. India can be strong only if we have a strong manufacturing economy,” he said.