By IANS,
New Delhi : Finance Minister Pranab Mukherjee Friday indicated the economy was beginning to look up but he was unsure of the way it was going because of the scarce rainfall this monsoon.
“Economy has started moving slightly, but still I am not sure, because other problems may come from the adverse impact of scanty rainfall,” Mukherjee said in the Lok Sabha.
“The agriculture minister is making an assessment, we are also making assessment but this is a problem. We are trying to handle it,” added Mukherjee.
According to initial estimates of the meteorological department, the annual monsoon rains are likely to be 25 percent below the 50-year average during June 1-Aug 5.
Mukherjee said the government would take all steps to mitigate problems caused by inadequate rainfall. He, however, admitted results of such actions would take time to be reflected in the economy.
“Even if we take action today, it will take some more time to get its full impact on the economy,” said Mukherjee.
“We cannot expect the economy to move so soon. It is not like switch-off and switch-on,” he added.