No evidence of strong recovery yet : Montek
After the Indian economy grew marginally better in the fourth quarter, the Planning Commission Deputy...
After the Indian economy grew marginally better in the fourth quarter, the Planning Commission Deputy Chairman Montek Singh Ahluwalia said there was still 'no evidence' of a strong recovery. "There is evidence the economy has bottomed out. But we don't have evidence yet of a strong recovery," he said. The economy grew 4.9 per cent in the January-March period, in line with expectations.
The difference from the previous quarter's upwardly revised 4.7 per cent growth was not "significant", Dr Ahluwalia said. The growth in the October-December period was the lowest in fifteen quarters. "It is challenging to get to 6 per cent (growth) where last quarter is 4.8 per cent," he said.
For the fiscal year 2012-13, the country economy grew at a decade-low 5 per cent. "To predict 6 per cent growth for the current year is not impossible, (but) require a very good agricultural year," Ahluwalia said.