Guwahati: Criticizing the Congress-led UPA government for its poor handling of the economy, BJP president Rajnath Singh on Thursday said that India is heading towards 1991-like situation when it had to mortgage gold to the International Monetary Fund (IMF) for seeking a loan.

Talking to reporters in Guwahati, Rajnath Singh said the GDP growth rate was down to about five percent and the rupee had weakened considerably against the dollar.

Rajnath said that foreign investors were not willing to put their money in India and Indian investors were looking for opportunities abroad. The BJP chief added that the depreciation of the rupee should have lead to an increase in exports but that has not happened.

"Imports are increasing and so is the pressure on the economy," he said.


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