Upturn in Indian economy by Oct: PC

New Delhi: Complimenting the resilience displayed by Indian industry in dealing with the slowdown, Home Minister P Chidamabaram said the country's economy is likely to find an upturn by October this year.
"By the beginning of the third quarter of 2009-10, by October, we will find an upturn in the economy," Chidamabaram, who was Finance Minister till November last year, said while presenting the National Tourism Awards here.
"The present downturn is temporary. Our growth rate is expected to be well over seven per cent," he said noting that despite a downturn in global scenario, India has managed to achieve seven per cent growth. He attributed this to domestic consumption and demand.
Commending the performance of Indian businesses and industry during the global downturn, the Minister said India stood out as a "shining example" of a resilient economy when the world was engulfed by economic gloom.
"We owe this resilience of Indian business and economy to its ability to quickly adjust to changing times. But in no other country, I have seen businessmen adjusting so rapidly (to the situation). That is why we were able to hold our head high," he said.
During difficult times, Chidambaram advised that one should take "hard decisions" like cutting prices as a "natural response" to the downturn.