India News : India's economy is not facing a 1991-like crisis, says PM
- 5 years ago
India News : Prime Minister Manmohan Singh on Saturday ruled out the possibility of India witnessing a repeat of the 1991 balance of payments crisis and said globalisation of Indian economy cannot be reversed.
"There is no question of going back to 1991 balance of payment crisis. At that time, foreign exchange in India was a fixed rate. Now it is linked to market. We only correct the volatility of the rupee," he said.
Singh said the country only had foreign exchange reserves for 15 days in 1991. "Now we have reserves for six to seven months. So there is no comparison. And no question of going back to 1991 crisis," he said.
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"There is no question of going back to 1991 balance of payment crisis. At that time, foreign exchange in India was a fixed rate. Now it is linked to market. We only correct the volatility of the rupee," he said.
Singh said the country only had foreign exchange reserves for 15 days in 1991. "Now we have reserves for six to seven months. So there is no comparison. And no question of going back to 1991 crisis," he said.
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