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Economy to lift itself from October, predicts Kaushik Basu

      India's economy is expected to bounce back from October onwards, Chief Economic Adviser Kaushik Basu said on Friday. Speaking to mediapersons here, Basu said the economy would rebound in the next two to three months, but the political impasse within the United Progressive Alliance (UPA) over economic reforms needed to be resolved. “The improvement will only from October. Over the last two-three months we have been stressing that we will have to get couple of reforms in place, for which the big stumbling block has been getting all the political parties in the coalition together. It's for the political leaders to work on that,” Basu said. He said the main focus of the Prime Minister is to improve the industrial sector, adding that the relationship between industries and the government has soured, due to trust deficit. “We want the industrial sector to do well and we want to be as cooperative as possible. We have been trying to do that over the last couple of years and what you heard from the Prime Minister is simply a reiteration of what was already there on the agenda,” he added. Investors and economists blame weak leadership and muddled policies that have failed to curb government spending and alienated many foreign investors. However, Prime Minister Manmohan Singh's latest efforts to turnaround investor sentiment have stoked hopes of an economic revival.

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