Mukherjee admits to Indian economy slowdown

President Pranab Mukherjee has admitted that the Indian economy is currently in slowdown mode, but added that the government is taking corrective measures to revive growth.

Mukherjee was addressing a gathering on Non-Resident Indians (NRI) in Istanbul on Sunday, where he was on a visit at the invitation of Turkish President Abdullah Gul.

Mukherjee said: "Media channels who feel that perhaps Indian economy is sliding down and again they are going back to the days of slow growth rate. No doubt there has been some sliding in the recent years."

He, however, defended the Congress-led government by saying it is constantly vigilant and quick to take all necessary steps to revive growth.

"Say period of ten years, then perhaps it can be claimed that in the last ten years Indian economy has grown at a much faster rate than the previous 50 years," said Mukherjee.

The Indian President is in Turkey after completing his visit to Belgium.

He is expected to return home today.