Pratibha Patil: Economy showing promise of double digit growth

Kolkata, Sep 26, 2010 (Calcutta Tube) President Pratibha Patil Wednesday said the Indian economy is showing promise of a double-digit growth and called for concerted efforts on the part of all stakeholders to make it sustainable and inclusive.

‘As the impact of the meltdown is wearing off, our economy is showing a healthy 8.5 percent rate, with the promise of a double digit growth,’ Patil said after inaugurating the 37th National Management Convention organised by the All India Management Association here.

The president said the rate, speed and the sustainability of the growth will depend on the nation’s ability to overcome challenges, avail of opportunities and ensure that the growth flight has a ‘payload capacity that can carry all onboard’.

She said: ‘India’s objectives are clear. It is to work for development that is sustainable; build the capacity and skills of our people; create a fair opportunity for every Indian to accomplish one’s full potential; and push forward the frontiers of knowledge for innovations and creativity.’

She emphasised that all stakeholders would need to put in concerted efforts.

‘In many ways, it is ultimately up to us – as a government, as managers of the public sector, as executives of the private sector, as members of educational institutions and as individuals – to shape the changing environment around us towards a truly sustainable and inclusive nation.’

She said more work needs to be done for employment generation, quality education and healthcare, bridging the rural-urban divide, financial inclusion for every Indian.

‘Inclusive growth demands significant contribution from the private sector, including by way of Public Private Partnerships – PPPs. Many infrastructure projects – new roads, highways and airports have come up through this route.’

The viability of PPPs and their potential could be explored further in the development of the physical and social infrastructure that India needs now, Patil said.

‘The public and the private sector should put their expertise and resources towards a joint agenda for the nation’s future growth.’

She said India has a unique demographic advantage – an advantage that will only increase in the coming years.

‘The UN predicts that India’s population will grow by 300 million working-age persons over the next 40 years. Their energy and the enthusiasm must be guided into productive work. Their ideas and innovations tapped for the betterment of society,’ the president said.

She urged Indian organisations to focus on effectively leveraging technology and innovation as key levers for future growth for India.

She said: ‘Even as India reaches new milestones in its economic growth that ensures sustainable development, we need to address challenges such as climate change, carbon emissions and our depleting natural resources. There should be focus on the use of alternative energy sources that produce fewer emissions.’

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