India's economic growth slowdown is temporary and the country has the ability to overcome the challenge, President Pranab Mukherjee said Thursday.
"We have the ability to overcome the temporary downtrend," Mukherjee said in his valedictory speech at the 12th edition of the annual meeting here of the Indian diaspora, Pravasi Bharatiya Divas.
The president pointed out that India has registered a sustained high growth in the past decade -- lower only than China among the world's major economies.
India's gross domestic product (GDP) growth is expected to be around 5 percent in the financial year ending March 2014. This is sharply down from the nearly 8 percent growth registered in the previous eight years.