President Mukherjee roots for lower, acceptable, stable interest rate

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Kolkata, January 20: President Pranab Mukherjee on Friday pitched for a lower, acceptable and stable interest rate for encouraging prospective investors to put their money in India.

Mukherjee inaugurated the third, Bengal Global Business Summit today in Kolkata. Addressing the business meet, President said all important macro-economic parameters were strong in India including high growth, prudent fiscal management, investor friendly policies and controled inflation.

Highlighting tremendous resilience of Indian economy, President Mukherjee said: For the last ten years, it (Indian economy) has grown at the rate of 7.6 per cent, despite two very important setbacks – the 2008 financial crisis, which had its adverse impact on all developed economies, followed by the Eurozone crisis”.

The two events were powerful enough to cause the revision of growth projection of the world economy by International Monetary Fund and the World Bank reports, said Mukherjee. He further added, the impact was felt in India but for the short time.

“The 2008 crisis had its impact on the growth of 8-9 per cent, but shortly we overcame it,” he added while highlighting a steady nine plus per cent annual growth between 2004 and 2008.

Currently, the growth for FY16 is projected at 7.1 % by RBI in the last monetary policy.

Wefornews Bureau

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