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Indian economy poised to grow at 7.5%: President

PTI |

President Pranab Mukherjee on Monday said Indian economy has revived and is poised to achieve a growth rate of 7.5 per cent in the next two years.

"We can say confidently that our economy has revived and our prospects are brighter as we are poised to grow at 7.5 per cent in both 2016 and 2017," he said at a conference here on ‘Enabling Make in India through Industry Academia Innovation Platform’, jointly organised by CII and IIEST.

Mukherjee said current account deficit has come down to 1.1 per cent of GDP from 1.3 per cent of GDP in 2015.

Mentioning 2008 economic crisis, he said several bodies across the world had to revise their targets but in that uncertainty India has done well.

He also emphasised on providing quality education to India’s youths.

"We must improve the quality of our hard work and standards of higher institutions. If we want to achieve a high place in the international community, we must have a knowledge society," Mukherjee said.

He said recent initiatives like Make in India, improving the ease of doing business, Invest India, Skilling India and Start-up India aim to address some of these issues and boost our capacity for growth.

India has initiated the Make in India programme in 25 sectors of the economy, where both national and multinational companies have been invited, he said.

Mukherjee said the success of Make in India campaign shall rest on ease of doing business, infrastructure and industrial corridors with world class facilities and connectivity, foreign direct investment et al.

According to him, India’s intellectual property rights are now of global standards and the country counts among the largest reservoirs of R&D talent.

Later, at another event ‘The legacy to humanity: Celebrating 150 years of homeopathy’, he lauded this method of treatment of diseases and said there is a need to create synergy among all the Indian system of medicine and homeopathy.

Noting that there were more than two lakh homeopathic practitioners in India, which is the largest in the world, Mukherjee said the number of people relying on this mode of treatment is increasing by the day.