“The latest figure on the industrial production, which is witnessing a slowdown, should not make us reassess the growth estimate. We visualize 8.5 to 9 per growth rate in the economy,” Planning Commission Deputy Chairman Montek Singh Ahluwalia told reporters here.
“If you look at the growth of industrial production in the first quarter (of the current fiscal), it is good.  The slowdown in the second quarter was expected,” he added.
Asked whether the slowdown was due to tight monetary policy of Reserve Bank of India, Mr Ahluwalia observed that “I do not see it as a slowdown. Rather I would describe Reserve Bank’s monetary policy as a successful example of macro economic management with a twin objective of containing the inflationary potential of the economy and maintaining growth momentum side by side.”