Agencies Hyderabad: Home Minister P Chidambaram said a turnaround in Indian economy will come in October. However, first two quarter will be difficult, he added.
Inaugurating a branch of the Union Bank of India in Hyderabad on Saturday, he said the Indian economy would grow at 7.1 per cent in 2009.
"A right mix of policies will help bail India out from difficult times," Chidambaram said.
"Countries after country were officially announcing stimulus actions. Our manufacturing sector is facing difficult times. But with the right mix of policies, right leadership and above all a vision about where India will be, I think it's possible to steer through these difficult times," he said.
India's economy has slipped from a growth rate of about nine per cent in the past three years, but still looks healthy compared with most developed economies, many of which are in recession.
Policymakers and analysts say the country needs to grow at 8.0-9.0 per cent per year on a sustained basis to wipe out mass poverty and promote employment. If economic expansion slips below six per cent as some economists expect in 2009-10, it could lead to more unemployment.
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