New Delhi, July 14 (Inditop.com) The Indian economy is showing some early signs of recovery and the government will ensure that its policies help nurse the country back to high growth path, Finance Minister Pranab Mukherjee said Tuesday.
“There are some early indications of recovery,” Mukherjee said during his reply to the debate on the national budget in the Lok Sabha, the lower house of parliament. “I see some turnaround in the third quarter of the current financial year,” he added.
The finance minister said some positive signs were visible in sectors like steel and cement, which saw production rise 13 percent in June, automobiles, which saw sales rise 13 percent, and consumer durables, that continued to log double-digit growth.
“This is a small beginning. We are not out of it yet. International business scenario is still not out of the woods. It will take some more time. But our strategy of generating internal demand, enhancing the purchasing power, has helped us.”
He also invoked the rain god Indra, as monsoon – on which depends 60 percent of India’s farm sector – has been erratic this year, and said: “I am not pessimistic like others. There is still time. If we have good monsoon, it is possible we have higher growth rate.”
