Press Esc to close
Monday 26 September 2016
News updated at 5:43 PM IST
Weather
Max: 27.3°C
Min : 19.8°C
In Bengaluru
Generally cloudy
Breaking News

India growth story intact: Prez

Mumbai, pti, March 23, 2013

Asking industrialists to keep faith in the robust fundamentals of Indian economy, President Pranab Mukherjee on Saturday expressed confidence that the country would be able to achieve seven to eight per cent growth again in next two to three years.

Speaking at the annual Business Standard awards here, Mukherjee said growth rate of 5.9 per cent and 6.4 per cent have been projected for the years 2013 and 2014 respectively.

He said it is also an acknowledgement of India’s ability to whether financial storm that left several economies in shambles.

Underlining that India’s growth story is intact, Mukherjee said there was no reason to be pessimistic as corrective measures have been taken.

He said India registered growth of 9.3 per cent in 2010-11 during economic rough weather and 6.7 per cent in 2008-09 when financial crisis created virtual mayhem in the largest economies of the world.

The President said given the statistics there was little room for pessimism and the captains of the industry must keep faith in robustness of the system.

Expressing concerns over not-so-encouraging private investments, Mukherjee said, “Tightening of monetary policy between March 2010 and October 2011 was necessary to combat inflation. But this led to an increasing the cost of borrowing, making it difficult for the private sector to raise capital.”

The President said several authoritative survey on business regulation and procedure involved in starting business among others have given low rankings to India which may not be accurate reflection of ground realities.

The President highlighted the need for increased emphasis on inclusiveness in the economic growth.


Go to Top

Photo Gallery
Prime Minister Narendra Modi during BJP's National Council Meeting at Kozhikode...

Prime Minister Narendra Modi during BJP's National Council Meeting at Kozhikode...

Cyclists take part Cyclothon 2016 held on world car free day in Gurgaon...

Cyclists take part Cyclothon 2016 held on world car free day in Gurgaon...

Artists practice Garba in Ahmedabad...

Artists practice Garba in Ahmedabad...

School students at 'Mother Walk' rally to commemorate the canonization of Mother Teresa in Kolkata

School students at 'Mother Walk' rally to commemorate the canonization of Mother Teresa in Kolkata

Maratha community members hold a protest rally demanding justice for Kopardi rape victim...

Maratha community members hold a protest rally demanding justice for Kopardi rape victim...

An aerial view of the flood hit Edupalaya village in Medak district of Telangana...

An aerial view of the flood hit Edupalaya village in Medak district of Telangana...

Indian and U.S. army soldiers take part in an Indo-US army joint combat exercise in Ranikhet...

Indian and U.S. army soldiers take part in an Indo-US army joint combat exercise in Ranikhet...

St Patrick Church celebrating 175th anniversary in Museum Road, Bengaluru...

St Patrick Church celebrating 175th anniversary in Museum Road, Bengaluru...

Army personnel arrive to help flood affected people in Hyderabad...

Army personnel arrive to help flood affected people in Hyderabad...

Prime Minister Narendra Modi with BJP President Amit Shah wave to the crowd at public rally...

Prime Minister Narendra Modi with BJP President Amit Shah wave to the crowd at public rally...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523