Country faced with difficult economic situation: PM

With falling rupee and rising oil prices casting a shadow over Indian economy, Prime Minister Manmohan Singh today said the country is faced with a difficult economic situation for which some domestic factors too were responsible.

"It cannot be denied that the country is faced with a difficult economic situation," Singh said after Leader of the Opposition Arun Jaitley sought his response on the rupee hitting a life-time low. "There are several causes (for the economic woes). I do not deny some domestic factors too are responsible," he said.

Listing some of the external factors that have impacted rupee and Indian economy, Singh said US monetary stance and problems created by tensions in Syria and its "inevitable consequences on oil prices" have played their role.

"We have to reckon with these uncertainties," he said, adding he needed "sometime to reflect" on these. "I would be happy to make a statement tomorrow," the Prime Minister said.