Asserting that the Indian economy has shown resilience in the face of challenging global trends, President Pranab Mukherjee on Saturday said it has the potential to attain a size of $10 trillion over the next two decades.
The country’s largest trade fair–the 35th India International Trade Fair (IITF) 2015 – was inaugurated by the President in the capital in presence of various Government dignitaries here. About 7,000 companies from different countries from world, including China and Pakistan, are showcasing their products in the fair.
Inaugurating the global trade fair at Pragati Maidan, he said there was a need to provide impetus to domestic manufacturing, and ‘Make in India’ campaign along with focus on Asia, Africa and latin America as newer export markets will help sustain the challenges from the external sector. “We are a $2.1 trillion economy and have the potential to be a $10 trillion economy over the next two decades provided we are able to give fillip to manufacturing and innovation,” Mukherjee said.
“Our economy has admittedly withstood the challenging global economic scenario of the past few years. Despite the economic slowdown afflicting major economies in the world, India has remained largely insulated,” he said. Barring a below 5 per cent growth in one year (2012-13), India's economy has shown resilience, the President said.
He said that the economic scenario is again looking up, with 7.2 per cent economic growth in 2014-15. “It is expected to improve further as other macro-economic indicators show substantial improvement,” he said. Inflation is within control and industrial performance is also showing signs of revival, he said adding fiscal consolidation measures are in place and India should be able to meet the target of three per cent fiscal deficit by 2017-18.
“The external sector should not be a cause of concern despite a not so encouraging export performance last year. Slowdown in global economic activity also finds reflection in declining import with a substantial reduction in our import dependence on oil,” Mukherjee said. India's current account deficit (CAD) has improved and has reduced from 1.7 per cent of GDP in 2013-14 to 1.4 per cent of GDP in 2014-15.
“The opportunities that are emerging in our economy are there for the taking. Investors, both domestic and foreign, should have their confidence to gain handsome returns from their investments in India,” Mukherjee said.
The President said that India's efforts for inclusive economic growth and social advancement have shown the way forward to many developing countries. In this regard, he praised various flagship schemes of the Government like Make in India, Digital India, Swachh Bharat and Start Up India.
“This is a time of great opportunity in India. Several recent initiatives of the Government have already started showing results and have created a positive impact in key sectors," he added. In the last year alone, almost 140 million bank accounts were opened under Jan Dhan Yojana in a massive effort of financial inclusion, he said.