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President: Economy to rebound, no reason for gloom to prevail

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SummaryThe slowdown began in 2008-09 but the country registered a GDP growth rate of 8.7 per cent in 2009-2010 and 9.3 per cent in 2010-2011.

President Pranab Mukherjee on Saturday said the slow GDP growth rate in 2012-13 has become a matter concern since the country’s economy fared better even in the following years of the global melt down.

Mukherjee, addressing the 160th Annual General Meeting of the Bengal Chamber of Commerce and Industry said, “All of us are concerned about the slow GDP growth rate of 2011-12 and 2012-13.”

The slowdown began in 2008-09 but the country registered a GDP growth rate of 8.7 per cent in 2009-2010 and 9.3 per cent in 2010-2011.

Mukherjee said that although he was not supposed to express his views on the economy as the President, he preferred to deliberate on the economic issues as a matter of general perception.

The President, however, exuded confidence that the economy will bounce back soon. “There is no reason for an atmosphere of gloom to prevail. Indian economy’s fundamentals remain strong. Stabilising the rupee is foremost in the minds of the policy makers. Strong measures have been initiated to strengthen the external sector,” Mukherjee said.

Stressing that steps need to be taken to improve the performance of the manufacturing sector, he said the sectoral share of manufacturing in the GDP has remained at around 16 per cent since the 1980s, compared with 25-34 per cent for some of the Asian economies.

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