In his address to the nation on the eve of 68th Independence Day, President Pranab Mukherjee today exuded his confidence about the economy bouncing back to seven to eight per cent growth rate, claiming that signs of revival are visible.
The President said, "In the last decade, our economy grew at an average rate of 7.6 per cent per year. Though the growth rate was subdued at below 5 per cent during the last two years, I sense renewed vigour and optimism in the air. Signs of revival are visible. Our external sector has strengthened. Fiscal consolidation measures are beginning to show results. Notwithstanding occasional spurts, inflation has started moderating."
"However, food prices still remain a matter of serious concern. Record food grains production last year helped agriculture sector to grow at a healthy 4.7 per cent. Employment has increased by an average of about 4 per cent per year in the last decade. Manufacturing sector is on the rebound. The stage is now set for our economy to move on a high growth trajectory of 7 to 8 per cent, which is essential to ensure the availability of adequate resources for equitable development," he added.