India is facing 1991-like situation: Rajnath Singh

New Delhi, July 4: India heading towards the situation it faced in 1991 when it had to mortgage gold to the IMF for seeking a loan, said Bharatiya Janta Party (BJP) president Rajnath Singh, who criticised the UPA government over its handling of the economy.

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

"The country is facing conditions it faced in 1991," Rajnath Singh said.

He said foreign investors were not willing to put their money in India and Indian investors were looking for opportunities abroad.

The BJP chief said 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.

PTI