Economy no cause for concern: President

Economy no cause for concern: President

President Pranab Mukherjee on Wednesday expressed concerns over the present state of country's economy but maintained there was no cause for despondency on it now.

There was reason for concern but no cause for despondency, a press release issued by Rashtrapati Bhavan quoted him as saying to a group of Indian Foreign Service (IFS) probationers.

"The Indian economy achieved 7.9 per cent growth in the last 10 years which is much higher than any ten-year period since 1951," he said, expressing hope in the revival of economic growth.

Asserting that emerging economies, including India and China, were contributing for global growth, Mukherjee said the country's foreign policy must constantly adapt to the changing world.

"India's foreign policy must constantly adapt to the changing world. The world recognises the fact that bulk of global growth is coming from emerging economies, especially China and India, and India has an important place today in all major international fora like G-20," he said.

The world is undergoing a major change. "Global economy is still fragile and yet to recover from the financial crisis. There have been major political changes in West Asia, Africa and India's neighbourhood.

"The job and responsibilities entrusted upon young IFS officers are daunting but they would have an opportunity to show their mettle and initiative," he told the probationers.

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