Indore: Union Minister of State for Commerce and Industry Jyotiraditya Scindia on Saturday said drawing up of long-term economic reforms may not be possible in the near-term due to the dull global economic scenario and volatile markets.

"A long-term programme in economic reforms or a year's prediction cannot be drawn up in an economic situation that is highly volatile alongside economic recession all over the world," he told a press conference here.

Scindia's statement comes in the backdrop of growing clamour from various stakeholders appealing to the Congress-led UPA government at the Centre to come up with urgent measures to bolster the economy.

While crediting on Saturday's highest intra-day rise in Sensex to the policies of Prime Minister Manmohan Singh, Scindia said the situation will improve and the rupee will soon appreciate.

He, however, cautioned that predicting market growth could be difficult due to "volatility".

"It is difficult to comment on sustainability of the gains in stocks and rupee appreciation due to volatility in the market. It is not easy to predict the market growth, we have to carry out quarterly analysis," the minister said.

On 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 the rising 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 in the last fiscal.


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