India will see faster, more inclusive growth: Pranab

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SME Times News Bureau | 25 Feb, 2014
President Pranab Mukherjee Monday said faster, more inclusive and sustainable growth is an "impending reality for India".

"As the number of middle-class consumers continues to swell, the market is likely to become more attractive for global business," he said while addressing participants of the reunion of owner/president management programme of Harvard Business School at Rashtrapati Bhavan Sunday, a statement said Monday.

"India's economic fundamentals as well as growth story remains intact - growth that is faster, more inclusive and sustainable is an impending reality for India," he added.

The president said India's macro-fundamentals remain strong as evidenced by the fact that the overall public-debt to GDP ratio has consistently declined from 85.9 percent of GDP in 2003-04 to 66 percent in 2012-13.

"India's external debt is only 21.2 percent of GDP. Its foreign exchange reserves at over $ 292 billion dollars provide sufficient insulation from any short-term discrepancy in the external sector."

"As its current account deficit is expected to reduce to 3.7 percent in 2013-14, and further down to about 2.5 percent, the external sector will only strengthen in the near future," the president said.

Mukherjee further complimented the India Research Centre of the Harvard Business School launched in Mumbai in 2006 which has till date collaborated with business leaders and educators in India on over 55 research projects.