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Tendulkar optimistic of economic recovery in six months

Prime minister's economic advisor Suresh Tendulkar today predicted that the Indian economy would recover in the next six months.

business Updated: Jun 20, 2009 17:22 IST

Prime minister's economic advisor Suresh Tendulkar today predicted that the Indian economy would recover in the next six months.

"After the return of the UPA government at the Centre with comfortable margin, the prospects of political and economic stability have further improved the outlook for an early recovery hopefully during the next six months," he said at a convocation ceremony of the National Institute of Bank Management (NIBM) here.

The slowdown has been offset in varying degrees by rapid changes in monetary policy rates and deployment of other monetary packages in December 2008, January 2009 and again after the interim budget in February, he said. "Public sector banks are slowly lowering their lending rates".