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India can achieve 8-10 percent growth: Pranab
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SME Times News Bureau | 30 Apr, 2016
President Pranab Mukherjee on Friday said that the Indian economy has
the potential to grow at 8-10 percent per year over the next couple of
decades.
“India today stands poised for another leap forward that
is predicted to be around India’s GDP growth 7.6 percent in 2016-17 and
going to have higher growth rate in the coming years,” Mukherjee said
here.
The President was addressing the Papua New Guinea Business
Council on the second and concluding day of his official visit to this
Pacific island-nation.
“In fact, the Indian economy has the
potential to achieve 8-10 percent GDP growth per year over the next
couple of decades,” the Presiden, himself a former finance minister of
India, said.
Mukherjee said that the world today saw the Indian
economy as a bright spot in an otherwise gloom and bleak economic
environment all over the world.
“In fact, since the financial crisis in 2008, world economy had never fully recovered,” he said.
“One
after another the crisis came but despite the unfavourable environment
in the international world of money, finance, trade and commerce, India
continued to achieve higher GDP Growth rate except a couple of years as
the aftermath of this adverse impact in international scenario.”
On
Papua New Guinea’s economic growth, he said it did not truly reflect
the potential of a country blessed with abundant natural and mineral
resources, highly fertile soil, plenty of fresh water and an extensive
coastline teeming with fish and a splendid variety of precious seafood.
“The
exclusive economic zone of Papua New Guinea, 3.1 million sq. km, is the
guarantee of future growth of this region and would provide the
opportunity to Papua New Guinea to lead the Pacific Ocean,” the
President said.
He said the challenge for Papua New Guinea was
how to best utilise its abundant natural resources for value addition,
generating employment and economically empowering its people.
For
Papua New Guinea to achieve self-sufficiency in food production,
Mukherjee suggeted the application of appropriate technologies, by
increasing yield per hectare, by the use of varieties of new
fertilisers, and an effective use of fresh water.
“Our
government policies have consciously created an environment for
indigenous commercial, industrial and manufacturing entities to grow and
sustain themselves,” he said. “ "Today our private sector has
journeyed far and wide... Our companies create value and not merely
extract resources. India invites you to partner with them."
The President said that bilateral trade between India and Papua New Guinea for the year 2014-15 stands at $209.48 million. “
"The
balance of course is in favour of Papua New Guinea, but I am not
satisfied with this figure because potentiality is much more," he
stated.
"We can offer to each other much more than this. There
is scope -- not only for increased exports from here to India, but also
from India to Papua New Guinea."
Stating that there were mutual
complementarities in many fields between India and Papua New Guinea,
Mukherjee said that while India has the agricultural knowledge and
technology to boost agricultural productivity, Papua New Guinea has an
abundance of fertile lands and ideal conditions for agriculture along
with the availability of fresh water.
"While India has one of the
biggest jewellery industries in the world, Papua New Guinea has gold;
India has a huge energy requirement, Papua New Guinea has huge resources
of natural Gas and petroleum," he said.
"In all these sectors,
India and Papua New Guinea can work together to improve industry
practices and productivity. Our close cooperation could bring
opportunities, growth and progress as well as prosperity to our people."
he stated.
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Import |
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Euro
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75.65 |
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