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Indian PM says worst is over for economy

business Updated: Oct 11, 2009 14:53 IST

The worst is over for the Indian economy, and measures to control the sharp rise in food prices are taking effect, Prime Minister Manmohan Singh said on Sunday.

Singh, who was in the financial hub to campaign for the ruling Congress party ahead of state polls, also said he was confident the harvest will be normal, despite the weakest monsoon since 1972 that has ravaged rice and sugarcane fields.

"The worst is indeed over," Singh said.

"The price rise has been due to the drought. Steps are being taken. I am confident the harvest will be normal," he said.

Singh had said earlier the Indian economy is likely to grow at 6.3 to 6.5 per cent in the fiscal year to March 2010, or a seven-year low.

Economic stimulus measures were likely to continue as Asia's third-largest economy was not operating at full capacity, Singh has said.