While Growth is Important, for It to Be More Meaningful, It Should Be Able to Benefit All Citizens, Says…

The President of India, Shri Pranab Mukherjee attended the Golden Jubilee Celebrations of the Federation of Indian Export Organizations (FIEO) and presented the Niryat Shree and Niryat Bandhu Awards in New Delhi today (May 4, 2016).

Speaking on the occasion, the President said that India’s GDP growth is 7.6 percent and as it is projected to be 7.7 and 7.9 percent in the coming years, we need not feel disadvantage because India is enjoying today the highest growth rate in the major economies of the world. He expressed confidence that we would fully realize the growth potential of our economy. He added that while growth is important, for it to be more meaningful, it should be able to benefit all citizens. It is, therefore, imperative that our domestic business environment promotes sustainable, stable and inclusive growth which encompasses all sections of society.

The President said globalization brings with it both opportunities and challenges. We must realign ourselves to the changing dynamics to seize the opportunities and address the challenges. The export sector is dynamic and is affected by changes in policy both at the domestic and international level. We, therefore, need to be innovative in our approach to capture markets with customized products in today’s highly competitive world. Aggressive marketing, while important in itself, would need to be supported by impeccable quality control standards so as to create a sustainable demand for Indian products abroad. We need to focus on other important drivers of growth such as infrastructure, human capital, simplification of rules and regulations, and improved access to finance. The micro, small and medium enterprises sector of our economy is a major contributor to employment and exports. It is necessary to therefore have a focused approach in terms of procedures and banking solutions more suited to its unique needs.

The President said FIEO has emerged as a strong institution in the past fifty years. He expressed hope that it will continue to serve the cause of the Indian exporting community with the same zeal and determination, dedication and commitment in the future. He also congratulated all the award winners and conveyed them the very best in their future endeavours.

This release issued at 2050 hrs