President Pranab Mukherjee today expressed the hope that economy would regain growth rate of over 8 per cent soon and the country's USD 350 billion-plus foreign reserves put India in a comfortable position to deal with global challenges.
Inaugurating the centenary celebrations of the Federation of Karnataka Chambers of Commerce and Industry, the President said macro economic parameters like inflation and external sector balance have improved in the past year.
"The current account deficit has narrowed to 1.7 per cent of GDP in April-December 2014 from 2.3 per cent in the corresponding period last year. At over 350 billion US dollars, we now have comfortable foreign exchange reserves to meet the next set of challenges from global economic developments," Mukherjee said.
The President said achieving high growth rate is a potent tool to fight scourge of poverty.
"Given the macro economic prospects, our economic growth should regain the eight per cent plus level soon. In a country like ours, there is no greater imperative than a robust and sustained economic growth," Mukherjee said.
The President said population living below poverty line in the country declined from 37.2 per cent in 2004-05 to 21.9 per cent in 2011-12.
"About 85 million people were lifted out of poverty during the three-year period 2009-10 to 2011-12," he said.
The President said it is not enough to be satisfied by poverty alleviation as the country will have to commit for poverty elimination which can be done by generating gainful employment opportunities and creation of skilled labour force.
