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President Pranab Mukherjee today exuded confidence that the country's economic growth will be restored to the high level seen in the past.
“Though growth has slowed down in recent times as the fundamentals of our economy remain strong I hope we will be overcome the crisis. Steps are being taken to contain the fiscal deficit and boost industrial investments. I am sure of economic growth being restored to the high levels seen in the past”, Mukherjee said while addressing the convocation ceremony of Bharatiya Vidya
Bhawans’s Institute of Communication and Management, Bhubaneswar.
Stating that the Indian economy is facing lot of challenges, Mukherjee said that there may be areas of concerns but there is absolutely no reasons for despair or despondency as the fundamentals of the Indian economy continues to be strong and the country has the necessary resources, talent and policies to handle the current difficulties.
Expressing concern on the recent depreciation of the rupee, which has fallen more than eighteen per cent during last one year, high food inflation and drop in manufacturing activities, he said that the global factors have affected the countries of many emerging economies including India.
He said stabilizing the rupee is engaging the attention of policy maker and number of steps has been taken to strengthen our external sector.
The President is hopeful that the good monsoon will have a favourable impact on the agricultural growth and food prices.
He said , in the last ten years (from 2003-04 to 2012-13) Indian economy grew by an average rate of 7.9 per cent and except China there is no other emerging economy which can boast this level of growth over a decade, specially during the period in which world economy faced severe economic crisis in 2008-09.
Europe is still limping from the Euro zone crisis and the world economy is yet to recover, he added.
