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Signs of economic recovery evident, says President

Madhur Tankha

— Photo: S. Subramanium

President Pratibha Patil with Union Minister of Commerce and Industry Anand Sharma and Delhi Chief Minister Sheila Dikshit during the inauguration of the India International Trade Fair 2009 at Pragati Maidan in New Delhi on Saturday.

NEW DELHI: Pointing out that India evoked interest even during economic crisis, President Pratibha Patil on Saturday asserted that the country’s strong domestic market, upwardly mobile middle-class population, along with healthy growth rates indicated its growing economic clout.

Inaugurating the 29th edition of India International Trade Fair (IITF) 2009, Ms. Patil said two decades ago, India began the process of economic reforms that resulted in higher growth rate, technological upgradation, increased foreign investment and larger trade volumes.

“It integrated the economy with that of the rest of the world. This brought in its train, many opportunities and some challenges. India emerged as a favoured destination for foreign companies, corporations and businesses. Our commitment to continue to engage with the world remains and we will look at ways in which we can enhance our trade and economic ties with other countries.”

Admitting that the meltdown had impacted the country, the President said the impact was far less severe in India.

The economy demonstrated its resilience by maintaining a growth rate of more than 6.5 per cent even in the face of that crisis.

“Signs of recovery are evident as our economy changes gear,” she said.

Ms. Patil said the IITF had come to occupy an important position in the calendar of trade events. In her extempore speech, Delhi Chief Minister Sheila Dikshit said: “Our endeavour is to make Delhi a world class city. We’re facing some challenges but are determined to make Delhi the most sought-after State. The IITF showcases what our country is capable of doing. Lakhs of people from across the nook and cranny of the country come to visit the fair.”

Among others who spoke on the occasion were Union Commerce and Industry Minister Anand Sharma and Uttarakhand Chief Minister Ramesh Pokhriyal Nishank.

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