Prime Minister Manmohan Singh is set to defend the government in Parliament today and outline plans to revive the sagging economy. He had promised to make a statement in both Houses after an aggressive Opposition on Thursday repeatedly pressed him for answers on the rupee's slide to record lows.

This is what he said in the Rajya Sabha yesterday.

"It cannot be denied that the country is faced with a difficult economic situation. And there are several causes.

"I do not deny that there are some domestic factors but there are also international factors arising out of the changes in the US monetary stance.

"There are also problems created by the new tensions that are on the horizon in Syria and they have inevitable consequences for oil prices. So we have to reckon with all those uncertainties.

"I will be very happy to make a statement tomorrow. I need some time to reflect on what I have to say, but I would be quite happy to make the statement tomorrow."