Concerned over slow growth, but no reason to worry: President

Last Updated: Sat, Sep 14, 2013 15:40 hrs

Kolkata, Sep 14 (IANS) Expressing concern over the slow growth of the Indian economy, President Pranab Mukherjee Saturday called for corrective measures, but said there was no room for despondency as the fundamentals were strong.

"All of us are concerned about the slow growth of the GDP (Gross Domestic Product) in 2011-12 and 2012-13.

"Precisely it began in 2008-9 as a consequence of the major international financial crisis, after which there were two good years and then again there was slump, bercause the world economy did not fully recover from the downturn of 2008-9," Mukherjee, a former finance minister, said while addressing a business body here.

The president said while emerging markets like India and Brazil made impact on the world trade during the 2008-9 downturn, they also slowed down after the Eurozone crisis of 2011-12.

"India, as a global economy, was no exception. There are are of concern, but no room for gloom and despondency. As a student of economy and history, I have seen our growth scenario has had a chequered history," he said at the annual general meeting commemorating the 160th year of the Bengal Chamber of Commerce and Industry.

Pointing out that the Indian economy grew by 7.9 percent on an average, "despite the extremely bad years", Mukherjee said "these figures speak that centrain fundamentals of the Indian economy are strong".

"Corrrective measures are necessary, but there is no room for despondency. In every country, various economic measures are taken to suit their own requirements, and try and tackle the situation."

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