Corrective measures needed to boost economic growth: Prez

Corrective steps are needed to boost the economy, which has slipped to a growth rate of 5.3 per cent in the July-September period of the current financial year, President Pranab Mukherjee said today.
"First quarter (April-June), that was visible optimism because we registered 5.7 per cent growth. But the second quarter (July-September) growth has again slipped. What are the reasons? The policy makers will have to find out and take the corrective measures," he said while addressing a function of exporters.
He said Indian economy was doing at an average rate of 7.6 per cent between 2004-05 and 2013-14.
Poor performance by agriculture and the manufacturing sector pulled down the country's economic growth rate to 5.3 per cent in the second quarter of 2014-15, raising the clamour for rate cut by the RBI.

The Reserve Bank of India is slated to unveil its its 5th bi-monthly monetary policy review tomorrow.
Mukherjee presented the Niryat Shree and Niryat Bandhu Awards instituted by the Federation of Indian Export Organisations for outstanding performance in exports for 2010-11 and 2011-12.

The President said that exports must ensure that their products are not only reasonably priced but also that they score highly in terms of quality, robustness and durability.
"For this, it is essential that all of them internalise the mantras of quality consciousness, professionalism in service delivery and complete transparency and fairness in dealings with their trading and business partners," he said.

"The international trade to GDP ratio, which was less than 15 per cent in 1991-92, is now close to 42 per cent. Our export sector has done well. From USD 17.9 billion in 1991-92, the value of exports has increased to USD 312.6 billion in 2013-14," he added.
He further said that the compound average growth rate of our exports during 1991-92 to 2001-02 was 9.4 per cent. This has increased to 17.8 per cent during the period 2001-02 to 2013-14.