India's economy recovery is slow & halting: FM

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Pranab Mukherjee
New Delhi, Oct 30: Finance Minister Pranab Mukherjee on Friday, Oct 30 said that India has braved the global financial crisis better than other countries, but economy recovery is halting and slow.

Speaking at the annual Hindustan Times Leadership summit here, Mukherjee said, "By merely generating demand in the domestic economy and exploring markets for exports, it is not possible to have a sustainable recovery,"

Mukherjee said, "Recovery is halting, slow--whether it will be steady I cannot say right now. I still have to wait for the figures to come, adding, "Third quarter and four quarter--I am confident. We will reach the targets."

The Minister said he was trying to get political support for a host of economic legislation, such as a new companies act, labour reforms and opening up of the pension and insurance sectors.

"I will try and get the legislations passed as fast as possible. I don't know when - whether in the winter session or the next. I will try and get support from my coalition partners and as much as possible from outside the coalition," he added.

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