The government is hopeful that India's economy will bounce back from October onwards.

Talking to media on the sidelines of a function in New Delhi today, the Chief Economic Advisor in the Finance Ministry Kaushik Basu said the Industrial growth particularly in the manufacturing sector has been slow for the last two quarters. He underlined the need for working hard to boost the manufacturing sector.

Referring to the current depriciation of the rupee, Dr. Basu said it should be considered as an oppotunity to increase exports from the country. He also said the government should also work on extending trade credit to other countries.

He said the present 5.3 per cent GDP growth is not bad in cross country analysis. Dr. Basu also said that there has been no dilution in any of the recent policy decisions.