Indian government sees modest economic turnaround

The Indian economy has reached a turning point and will begin to pick up its pace, though a quick return to high growth is unlikely, the government says in its annual economic survey. In all, the report "paints a cautiously optimistic picture of the economy and holds out hope for the future," Nomura economists Sonal Varma and Aman Mohunta said. Observers say the survey suggests the government will submit a fiscally conservative budget Thursday.

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