Prez Mukherjee praises govt initiatives to boost growth

He said the new manufacturing policy of taking its share from 15 to 25% in GDP was not ambitious

President Pranab Mukherjee today praised various government initiatives including 'Clean India', 'Digital India' taken by the Modi government saying that achieving eight per cent growth was not "beyond expectations".

"Various other countries are now considering India as an investment destination because there is political stability," Mukherjee said at the Calcutta Chamber of Commerce here.

Government initiatives like Clean India, Clean Ganga, Digital India and Smart Cities would open new vistas for expertise, investment and technologies.

"But there are serious challenges. The country will have to harness IT while agriculture is still important," he said.

He said the new manufacturing policy of taking its share from 15 to 25 per cent in GDP was not ambitious.

The World Bank report on India indicated a GDP growth of 7.2 per cent in 2014-15 and in 2015-16 it will be more. "We can expect eight per cent growth very soon which is not beyond expectations," the President, who arrived here this afternoon on a three-day visit, said.

"We can achieve it provided if we put our efforts and take bold decisions," he said.

The fall in imported oil prices had reduced the current account deficit and the current foreign exchange reserves are reasonable cushion to any impending crisis, he added.

Referring to Japan Prime Minister Shinzo Abe's current visit to the country, the President said it has resulted in a fruitful discussion.

Japan, he said, is the largest contributor to India's development assistance.

The visit of Prime Minister Narendra Modi to Japan in September 2014 had led to the declaration of strategic global partnership, he added.