Without dissent, parliamentary system is dysfunctional, President Pranab Mukherjee said here today, underling that "fierce debates and discussions" in the House contribute to taking decisions on important matters like economy.

Addressing the business leaders of India-New Zealand Business Council here, Mukherjee invited them to India to contribute towards various programmes launched by the Indian Government.

"I am accompanied by a minister in the Government (Sajeev Balayan). I am also accompanied by Members of Parliament who represent the true character of Indian Parliament. They represent various regions and different political parties, truly reflecting our multi-party democratic system.

"We take decisions in the Parliament after fierce debate and discussions but finally we decide. Though sometimes I jokingly tell my colleagues in Parliament that you are a bit noisy. But nonetheless if the process of dialogue, debate and discussion carry on...dissent is essential ingredient of the parliamentary system and without the dissent parliamentary system is dysfunctional.

"Parliament truly represents the character of these two (dissent and discussion)," he said.

Highlighting various factors responsible for maintaining the economic growth of India, he said the country's economy is having a steady growth since the days of 1990's in terms of GDP, employment generation, inflationary control, balance of trading and also substantially reducing the rate of inflation.

"Current rate of growth is 7.2 per cent and the focus is that Indian economy is bound to grow at the rate of 8 to 10 per cent. It is because of the fact that certain new initiatives have been taken," he said.

He congratulated New Zealand for maintaining a steady economic growth despite hostile international trend of markets. In fact since the world economy collapse of 2008, world economy has never recovered full. Most of the developed economies are facing sluggish growth.

Emerging economies like China, India, South Africa, Brazil and host of other countries have shown that G-8 countries no longer decide the fate of world economy, he said.

The President expressed hope that the negotiations on Free Trade Agreement (FTA) will be completed soon and both countries will see increase in their bilateral trade.

"I am returning satisfied as not only did I have the opportunity of sharing my perception with the leaders of this beautiful country....I am returning with the satisfaction of identifying a country which shares the common goal of development, progress, peace and prosperity of the humanity in its entirety," he said.

Earlier President witnessed signing of agreement between India and New Zealand to have an air connectivity between the two nations.

He also laid a wreath at the World War II Hall of Memories of the Auckland War Memorial Museum.