Indian economy has fundamental strength, resilience: President

August 14th, 2011 - 9:02 pm ICT by IANS  

Pratibha Patil New Delhi, Aug 14 (IANS) In the wake of fears about a possible global economic slowdown, President Pratibha Patil Sunday said that the Indian economy has fundamental strength and resilience and its large domestic market can help it maintain steady growth.

The uncertainty which is shadowing the world economy needs to be tackled with co-ordinated global action, the president added while addressing the nation on the eve of India’s 65th Independence Day.

“Our economy has fundamental strength and resilience, and its large domestic market can help it maintain steady growth rates,” she said.

“Uncertainty is again confronting the world economy, and would need to be tackled through co-ordinated global action, as also by suitable precautionary measures in our country.

“Events of far reaching consequences are taking place in the world. In a globalised world, these developments have ramifications beyond borders,” she said.

The president also stressed that the issue of price rise has to be tactically dealt with. She said that rising prices affects families, especially those living below the poverty line.

“Efforts must be made to find ways and means to soften the impact of inflation so that the benefits of growth are not blunted,” she said.

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