Faster growth needs stronger efforts: Prez

With fears of an impending economic slowdown, President Pranab Mukherjee on Tuesday pitched for stronger efforts to enable the country to secure growth at a faster pace. The President expressed confidence that the country would be able to stop present “deceleration” in its economy and revert to a high growth rate.

“I believe the underlying growth impetus remains strong due to continued rise in per capita incomes, expanding middle-class consumers and a young and energetic workforce. Of course, stronger efforts from all stakeholders can build on this trend, and enable us secure faster growth,” he said.
Speaking at a conclave, the President said it is happening at a time when the world is beginning to emerge from the global economic crisis. “Though India’s economic growth has declined in recent times, I am confident we will be able to bring the deceleration to a halt and revert to the high growth levels that we attained in the past,” he said.
He said in terms of purchasing power parity, Indian economy is the third largest in the world and its growth rate over the last few years is second only to China. The President, who has also served as finance minister of the Union government, pointed out that the Indian economy has been more resilient than most of the other emerging economies.
The President said the innovation capability of Indian scientists and engineers would play a critical role in enabling India to become a leading nation in the 21st century.

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