Growth rate will improve in 2nd half, says Montek

Indian economy is showing signs of turnaround and growth rate in the second half of the current fiscal is likely to be over 5.5 per cent, Planning Commission Deputy Chairman Montek Singh Ahluwalia said today. "I think there is some signal of turnaround... In the second half of (the fiscal) we will do better than 5.5 per cent", he said while addressing the concluding session of the three-day World Economic Forum on India here.

As regards the likely growth rate in the second half, Ahluwalia said, "...somebody thinks we will be lucky to reach 6 per cent. I don't think it is too important to put a number currently, but really important thing is that the economy is turning around. Three months later we will have much better idea," he said. India would achieve a higher growth rate in 2013-14, he said, adding "my feeling is that in the next fiscal year it is not impossible to target the growth rate of about 7 per cent if we fix problems."

Impacted by ongoing global crisis and some domestic factors, India's growth rate slipped to nine-year low of 6.5 per cent in 2011-12. The growth rate in the current fiscal, according to Reserve Bank's projection, is likely to slip to 5.8 per cent.

As per the data released by the Central Statistical Organisation (CSO), the growth rate in the April-June quarter of the current fiscal was 5.5 per cent. The figures for the second quarter would be released on November 30. Referring to the global situation, Ahluwalia said the things were improving and hoped that investments into the country would get a boost.

The government, he added, has given "lot of signals" to attract overseas investment and was putting in place a mechanism to accord speedy clearances of infrastructure projects. "There were many tax related issues that came up in the last Budget and the government has said that they will fix those problems," he said.

On fiscal deficit, he said, the government was making efforts to contain it. Finance Minister P Chidambaram has recently said that he would try to restrict the fiscal deficit to 5.3 per cent, marginally higher than the 5.1 per cent envisaged in the budget for 2012-13.

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