President Pranab Mukherjee is “confident of India’s economic growth being restored to the high levels seen in the past”.
“A good monsoon this year should have a favourable impact on agricultural growth and food prices. Though growth has slowed down, the fundamentals of our economy remain strong. Steps are being taken to contain the fiscal deficit and boost industrial investments,” he said.
Mukherjee was speaking at Annual Convocation of Bharatiya Vidya Bhavan’s Institute of Communication and Management, Bhubaneswar.
“The recent depreciation of the rupee, which is more than 18 per cent during the last one year; high food inflation; and a drop in manufacturing activity are matters of concern. Global factors have affected the currencies of many emerging economies including India. Stabilising the rupee is engaging the attention of our policymakers,” he said.
“The fundamentals of the economy continue to be strong. India has the necessary resources, talent and policies to effectively handle current difficulties,” Mukherjee said.
He pointed out, “The last decade has seen India emerge as one of the fastest growing nations in the world. During this period, our economy grew annually at an average rate of 7.9 per cent. We are today self-sufficient in food grain production. In the Union Budget for 2010-11 a strategy for increased agricultural production, under which ‘Bringing Green Revolution to Eastern India’ programme was formulated for implementation.”
“For India’s political and economic stability, it is important that we have truly ‘inclusive’ growth which benefits each and every citizen of the country, especially the marginalised sections and those at the base of the socioeconomic pyramid.”
The President’s mantra to students was “Be a good human being and a good citizen; be positive all the time in action and deed; when obstacles come, stay calm and overcome them with perseverance and determination; always dream because dreamers are creators; try to be always innovative and understand the infinite power of innovation and creativity which lies inside you. Remember that innovation is the key to progress and prosperity for our nation.”