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Montek expects economic turnaround within 3 months

business Updated: Jul 10, 2012 23:24 IST
HT Correspondent

Planning Commission deputy chairperson Montek Singh Ahluwalia on Tuesday hoped a turnaround in the economy by October following a series of the steps which the government would be taking soon.

“Give us time till October, we will make a turnaround,” Ahluwalia, who is said to be close to Prime Minister Manmohan Singh, who is looking after the finance portfolio, said.

He said the economic situation was being reviewed on a daily basis and an action plan is being worked out.

“You will see results in three months,” he added.

When asked about his reaction to the criticism of the PM in the Time magazine, the noted economist said the Prime Minister had already addressed several of the issues raised in the article.

Time in its cover story titled “Underachiever” had criticized the Prime Minister for slow pace of reforms and poor decision-making.

“I think, most of the issues on which Time has criticized the government...are exactly the issues the Prime Minister has addressed in his interview to the Hindustan Times,” Ahluwalia said.

Hindustan Times had published Prime Minister's exclusive interview on July 6 detailing the steps being taken by the government to review the economic situation in the country.

The deputy chairman of the Planning Commission was hopeful of achieving between 8 and 8.5 % GDP growth target in the 12th five-year-plan (2012-17) as against the earlier estimated nine per cent.

“I don't think nine percent is feasible,” he said, before releasing a report on future scenarios with respect to the 12th plan.

For Ahluwalia, who had been visited by top industrial honchos in the last one year, strong fundamental of the Indian economy was a reason for expecting a quick revival.

He also said the Indian domestic demand was growing and the banking sector was sound.