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Worst over, but robust growth has to wait: Montek

business Updated: Jul 10, 2009 16:46 IST

Expressing satisfaction at the doubling of industrial growth in May over April to 2.7 as compared to April, Planning Commission Deputy Chairman Montek Singh Ahluwalia said on Friday that the worst of the economic crisis is over but returning to robust growth will take time.

When asked whether the improvement in the Index of Industrial Production (IIP) data, released on Friday, indicates that the worst is over for industry, Ahluwalia said, "We do believe that the worst is over. (But) there is difference between the worst being over and getting back to robust growth.

"The real question is that how rapidly we resume growth...," he said.

About capital goods and non-durable goods showing negative growth in May, he said, "I have not seen the entire data. But broadly we should see that the IIP has shown some improvement."

"We have been saying that we expect the economy to turn around. This turnaround is not a surprise to me," he said.

About the monsoon he said, "There is a recovery of the monsoon as looks like the case right now. Compared to one week ago there has been progress in the monsoon so much, a larger part of the country has been covered."

"It is still true that in the North-West, the monsoon cumulatively remains deficient ... We have to wait for the whole month (July) to be over (and) then I think, the present concern will be greatly reduced."