Montek shines the light: Growth recovery in 6 months

October 15, 2012 13:59

The economy will turn the corner in the next six months as the deceleration of the past several quarters has been arrested, Planning Commission Deputy Chairman Montek Singh Ahluwalia said today.

"It is our hope that in the second half of the year, which has begun just now, many of the measures taken by the government in the recent past to revive investor confidence will lead to a turnaround setting in in the second half," Ahluwalia said.

Confident of better GDP numbers in the second half, Montek said, "In the first six months of the current year, GDP growth is around 5.5 per cent...and I think the second half will be better. Somewhere around 6 (per cent) is a reasonable basis to start working from. It could be a little better, it could be a little worse." Basing his optimism to the pick up in the August IIP numbers as also in the recent PMI surveys, Ahluwalia said there are signals of an up-tick.

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