Prime Minister Manmohan Singh on Wednesday said there were international as well as domestic factors responsible for the prevailing economic scenario, but expressed confidence that the economy would be back to robust growth in about three years.
"The finance minister in the budget speech, and when I replied to the President's address ... we explained at length the factors that are
responsible," he said, making an intervention in the Lok Sabha during Question Hour.
"There are international factors. There have been two crises in the international system. One is the banking crisis in 2008-09, then there was the Eurozone crisis of 2011."
The prime minister said: "These things do influence our economy. But there are other factors also. There are domestic factors also and we are trying to tackle all these problems."
Manmohan Singh was speaking during Question Hour after BJP member Shahnawaz Hussain sought an answer from him on the prevailing economic scenario.
"I would urge the house that nothing is achieved by dampening the spirit of our people. Although we are in difficulty, we are confident as the finance minister mentioned in his budget speech. We are confident that in two to three years we will return the economy back to robust growth," he said.