India's growth story to be back on track by October: Montek

Pinning hopes on various policy initiatives taken by the government, the Planning Commission on Tuesday said that India's growth story will be back on track by October.

"By October, we should be able to say (whether) these steps have had some impact. If we cannot say by October that we have done a lot through this monitoring and by taking corrective steps, then there is need to worry," the commission's deputy chairman Montek Singh Ahluwalia said.
According to the government data, economic growth dipped to a nine-year low at 6.5% in 2011-12, while the manufacturing sector growth rate dropped to 5.3% during the January-March quarter last fiscal.
Industrial production growth output slowed slowed to a mere 0.1% in April 2012, as against 5.3% in the same month last year.
Ahluwalia said the commission has been monitoring the performance of seven infrastructure sectors including road, power and aviation, and would send a report for April-June quarter to the Prime Minister by July 20.
"The commission," he added, "would try to address the discrepancies and also bring them to the notice of the Prime Minister's Office for further action."