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No evidence of strong recovery yet : Montek

No evidence of strong recovery yet : Montek
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After the Indian economy grew marginally better in the fourth quarter, the Planning Commission Deputy Chairman Montek Singh Ahluwalia said there was...

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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.

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