India’s manufacturing sector yet to recover fully: President Mukherjee

New Delhi, Jan. 25 (ANI): Stating that 2015 had been a year of ‘challenges’, President Pranab Mukherjee on Monday said that India’s manufacturing sector is yet to recover fully as unpredictability and uncertainty marked the commodity markets.

“During this year, the global economy remained subdued. Unpredictability ruled the commodity markets. Uncertainty marked the institutional responses. In such troubled environment, no one nation could be an oasis of growth. India’s economy also had to face the blowback. Weak investor sentiments led to withdrawal of funds from emerging markets including India putting pressure on the Indian rupee. Our exports suffered,” President Mukherjee said while addressing the nation on the eve of 67th Republic Day.

He also pointed out that last year, large parts of India were affected by drought and floods and as a result India’s rural employment and income levels suffered.

He asserted that for revitalizing the forces of growth, India needs reform and progressive legislation.

“It is the duty of the law makers to ensure that such legislation is enacted after due discussion and debate. A spirit of accommodation, cooperation and consensus-building should be the preferred mode of decision-making. Delays in decision-making and implementation can only harm the process of development,” he added.

President Mukherjee also lauded the Armed Forces, Para-military Forces and Internal Security Forces.

“I pay my tribute to the brave soldiers who made the supreme sacrifice of their lives in defending India’s territorial integrity and in upholding the rule of law,” he said.

Further praising their heroic struggle which helped in establishing India’s democracy, President Mukherjee said, “They pulled together India’s amazing diversity to build national unity, which has brought us so far. The enduring democratic institutions they established have given us the gift of continuity on the path of progress.”

“India today is a rising power, a country fast emerging as a global leader in science, technology, innovation and start-ups, and whose economic success is the envy of the world,” he added. (ANI)

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