Economy has turned around: Pranab

The government today claimed that the economy has turned around and there was no longer uncertainty, despite the deficit monsoon and the drought situation in large parts of the country.

"Perhaps, we can most humbly claim that there is a turnaround... 7.2 per cent is not my pipe-dream, but it is reality.... the situation of uncertainty is no longer relevant," Finance Minister Pranab Mukherjee said replying to a debate in Lok Sabha on the Union Budget 2010-11.

He pointed out that khariff (summer) production was estimated to fall short by 15-18 million tonnes, but the industrial growth was into double digits for the last five consecutive months and more than 15 per cent in the consecutive two months.