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President Patil Confident Of Growth

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Amid growing fears of another global recession looming large, President Pratibha Patil Wednesday exuded confidence that India with its "strong fundamentals and resilience" will continue to grow economically.

Inaugurating the seventh regional conference of the ADB-OECD on combating corruption, the President said India has made great economic strides since 1991 when the process of economic reforms were ushered in.

This has enabled the country's GDP to grow, reaching a level of 9.6 per cent in the year prior to the global economic crisis of 2008, she said.

"Once again the global economic environment is raising concerns. However, I am confident that with its strong fundamentals and resilience, the Indian economy will grow, and we will continue to pursue an inclusive growth strategy, that includes an ambitious programme for the expansion of our social and infrastructure sectors," the President said.

Asian and European markets have tumbled in the past few weeks following drubbing of the Wall Street as funds pulled out of risky assets on worries over slowing global economy.

Analysts have been warning that the US Federal Reserve disappointed investors with its stimulus plan last week while cautioning of serious downside risks to American growth amid severe euro zone debt crisis.

Patil said Indian economy had faced global financial meltdown with alacrity and persisted with a high growth trajectory.

"India's weight in the global economic landscape increased considerably," she said, adding, "we recognise that corruption is a hurdle towards these endeavours and that it must be removed."


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