Expressing confidence that the country will be able to halt the economic deceleration and revert to eight percent plus economic growth, President Pranab Mukherjee on Friday said the underlying growth impetus remains strong due to continued rise in per capita income, expanding middle-class consumers and a young and energetic workforce.
President Mukherjee, who inaugurated the 20th International Engineering and Technology Fair (IETF) here, said this event has been organized at a time when the world is beginning to emerge from the second-round impact of the global economic crisis.
"India too has felt the repercussions of global slowdown. Though our economic growth has recently declined somewhat, I am confident that we will be able to bring the deceleration to a halt and revert to the 8 percent plus growth levels that we attained many times in the past," President Mukherjee said.
" The underlying growth impetus remains strong due to continued rise in per capita incomes, expanding middle-class consumers and a young and energetic workforce. I believe that stronger efforts from all stakeholders collectively can build on this trend to secure a faster growth as the global economy revives," he added.
Asserting that engineering is among India's leading manufacturing sectors, President Mukherjee said: " It draws sustenance from India's formidable base of heavy and capital goods industries, a large knowledge pool, and competitive cost structures. Our thrust on infrastructure development and industrial production provide further fillip to the sector, creating high demand for products across the engineering spectrum from machinery and automotives to power equipment, electronics, and advanced manufacturing."
" India's engineering industry has been driven by inter-sectoral linkages and proactive government policies. Special initiatives have been taken to support key sub-sectors, with policies dedicated to automotives, electronics, chemicals and petrochemicals, and heavy machinery, among others. Clusters and growth corridors across the country facilitate competitiveness as centers such as Pune, Chennai and Bengaluru have attained global acclaim for their high quality products," he added.
President Mukherjee said India enjoys strong competencies in engineering, with advantages in design, new product development and time-to-market capacities.
"As services input for manufacturing industries expand, India with its capabilities in services sector can play a bigger role in knowledge inputs for the engineering industry. A large number of global firms are already taking advantage of these benefits by establishing their research and development centers in India," he added.
Expressing his delight to note that Republic of Korea is the partner country for this edition, President Mukherjee said: " India and Republic of Korea enjoy close and warm relations that extend to multiple dimensions. Economic and commercial cooperation between our countries is strong given that leading Korean companies are major participants in our economy."
" Korean companies have built immense brand recall in the Indian market for the high quality and standards of their products. I am told that 72 Korean companies are participating in this exhibition to showcase products from a range of sectors such as tools and machinery, chemicals and transport," he added.
President Mukherjee further said 'it is gratifying to know that China is the focus country in this event'.
"China's prowess in engineering and technology is well-known and its participation will only strengthen the linkages between Indian and Chinese engineering enterprises," he added. (ANI)