India's economic downturn is expected to be temporary and growth should recover, Finance Minister Pranab Mukherjee said on Wednesday, following data this week that showed a 5.1% contraction in industrial output. “We are passing through a difficult phase both locally and globally,” he reiterated.
Mukherjee said the focus should be on reviving growth as soon as possible. “The heart of the current crisis lies in the sovereign debt,” he said adding, “…robust growth in emerging economy beginning to falter.”
India's banking sector is robust, Mukherjee said, despite worries in some quarters about non-performing assets.
(With inputs from Reuters)
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