India among bright spots in otherwise gloomy global economy: President Pranab Mukherjee

Mukherjee noted with satisfaction that EEPC has grown from a mere 40-member group in 1955 to more than 13,000 and has increased the engineering exports from a mere 10m USD in 1955 to more than 70 Bn USD at present.

Mukherjee said that while the total merchandise export grew 2.71 times in the ten year period from 2004-05 to 2014-15, the engineering exports saw an impressive growth of 3.65 times in the same period.

Mukherjee presented India as one of the few bright spots in an otherwise gloomy global economic scenario.

He said that with moderating inflation, strong currency reserves, lower current and fiscal deficit and stable Tax policy, the prospects of Indian economy appear bright.

The President emphasised that to sustain a high growth rate, massive investments in infrastructure and human resources capital of India would be required on a sustained basis.

Outlining his vision for the next 10 years, the President expressed the confidence that manufacturing sector has the potential to create 90 million jobs over the next 10 years.

During this period, the share of manufacturing sector could improve to 25% of GDP from the present 18% of GDP.

Mukherjee noted importance of Make In India campaign that aims to transform India into a global manufacturing hub wherein MNCs could settle manufacturing base in India using the vast India’s talent and low cost human resources.

Earlier the President gave momentos to the past Chairmen of EEPC India to felicitate them for their service to the growth of exports of engineering goods.