India among bright spots in otherwise gloomy global economy: President Pranab Mukherjee

The President of India Pranab Mukherjee has complimented Engineering Export Promotion Council of India(EEPC India) for a glorious 60 years of its existence. The President noted with satisfaction that EEPC has grown from a mere 40-member group in 1955 to more than 13,000 and has increased the engineering exports from a mere US$ 10 million in 1955 to more than US$ 70billion at present. The President said that while the total merchandise export grew 2.71 times in the ten year period from 2004-05 to 2014-15, the engineering exports saw an impressive growth of 3.65 times in the same period.

The President Pranab Mukherjee presented India as one of the few bright spots in an otherwise gloomy global economic scenario. He said that with moderating inflation, strong currency reserves, lower current and fiscal deficit and stable Tax policy, the prospects of Indian economy appear bright. The President emphasised that to sustain a high growth rate, massive investments in infrastructure and human resources capital of India would be required on a sustained basis.

 

Outlining his vision for the next 10 years, the President expressed the confidence that manufacturing sector has the potential to create 90 million jobs over the next 10 years. During this period, the share of manufacturing sector could improve to 25% of GDP from the present 18% of GDP. Pranab Mukherjee noted importance of Make In India campaign that aims to transform India into a global manufacturing hub wherein MNCs could settle manufacturing base in India using the vast India's talent and low cost human resources.

Earlier the President gave momentos to the past Chairmen of EEPC India to felicitate them for their service to the growth of exports of engineering goods.

In her address, Commerce & Industry Minister, Nirmala Sitharaman appreciated the important role of EEPC and in particular, the performance of SME sector which contributed 60% of India's engineering exports. She also complemented EEPC for their successful partnership in the conduct of Hannover Fair in Germany in April, 2015. Noting that there was a need for India to move from a low value exporter to a very high value exporter, the Commerce Minister exuded confidence that after a slowdown phase in the recent past India was now entering into a recovery phase.

Minister for Communications & IT Ravi Shankar Prasad said that 2,50,000 Gram Panchayats are being connected throughout the country through an optical fibre network which will facilitate e-education, e-learning, e-commerce and e-health.

On the occasion of Diamond Jubilee celebrations of EEPC India, a Coffee Table Book on "EEPC India: 60 Years On" was also released and the first copy was presented to the President Pranab Mukherjee.

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