New Delhi, Dec. 12 (ANI): President Pranab Mukherjee on Saturday said that a re-energized manufacturing sector was crucial for India’s better economic performance and expressed confidence that 8 percent GDP growth rate was achievable if ‘united efforts’ were made in this direction.
The President made his address after inaugurating the 185th Anniversary Celebrations of Calcutta Chamber of Commerce today in Kolkata.
“India has witnessed a period of high growth particularly in the middle years of last decade. Though the tempo could not be maintained thereafter, we did have good years of growth. This was despite the fact that prolonged global economic slowdown had affected the growth performance of all major economies. Barring a below five percent growth in 2012-13, our economic growth in all other years has been not less than 6.6 percent,” the President said.
Asserting that for better economic performance, a re-energized manufacturing sector was crucial he added that during 2005-06 to 2007-08, when the Indian economy grew by more than 9 percent, exports grew in excess of 20 percent in each of these years.
“Though Exports have come down in the last three years, the import bill has also called because of the decline in oil prices. This has helped to keep the current account deficit at a manageable level of 1.4 percent last year. Foreign exchange reserves at US Dollar 353 billion as of end October are also at comfortable levels giving us a cushion to meet any crisis,” he said.
President Mukherjee added that 8 percent GDP growth rate is achievable if the nation makes united efforts in this direction as various nations find India an attractive investment destination.
“Various countries today consider India an attractive investment destination because of political stability and Government’s new initiatives like Swachh Bharat, Make in India, Digital India, Skill India, etc,” the President said. (ANI)