Indore, Jun 30 (PTI) Union Minister of State for Commerce and Industry Jyotiraditya Scindia today said that drawing up a long-term economic reforms programme may not be possible in near term owing to dull global economic scenario and volatile market. "A long term programme in economic reforms or a year's prediction could not be drawn up in such economic situation that is highly volatile alongside economic recession all over the world," he told a press conference. Scindia's statement came in the backdrop of growing clamour from various stake-holders appealing to the Congress-led UPA government at Centre to come up with urgent measures to bolster economy. While crediting yesterday's highest intra-day rise in
Sensex to policies of prime minister Manmohan Singh, the minister said the situation will improve and the Indian currency will soon appreciate from its current slide. He, however, cautioned that predicting market growth could be difficult due to "volatility". "It is difficult to say on sustainability of gains in stock and rupee appreciation due to volatility in the market. It is not easy to predict the market growth, we have to carry out quarterly analyses," the minister said. On some of the issues dogging the economy of late, Scindia said, "inflation, soaring prices, recession and depreciation of currency are linked to demand and supply mismatch and fluctuating crude oil prices in international markets". "Fiscal scene is not assuring with the current trade deficit, but I am confident that the efforts by finance and industry ministries will check further erosion of Indian currency in international market," he said. On rise in petrol prices, Scindia said the erstwhile NDA government raised the petroleum prices on 36 occasions. Seeking to draw a parallel between India and some European countries, Scindia said some countries have witnessed a negative growth rate, while India grew at 6.5 percent. PTI GG NSK
