Pranab backs PM’s claim, says fundamentals of economy strong

New Delhi: President Pranab Mukherjee today backed Prime Minister Manmohan Singh’s claim that the fundamentals of Indian economy were strong and assured the country’s diaspora that the nation is re-emerging as an attractive investment destination.

“As the Prime Minister pointed out yesterday, our economic fundamentals remain strong and India is re-emerging as an attractive investment destination. I am sure you have confidence in the inherent resilience of our people and the dynamism of our economy which has the ability to overcome temporary downturns,” he said.

He was speaking at the concluding session of the three-day Pravasi Bharatiya Diwas here.

Prime Minister Singh had underlined this aspect in his speech at the same forum yesterday.

“India’s economy is the third largest in the world in terms of purchasing power parity. The substantial growth rate that our country has achieved over the last few years is second only to China in the world. India’s economy has been more resilient than most other economies of the world,” Mukherjee said.

He made the point that if India has to attain a growth rate of nine per cent per year, as envisaged during the 12th Five Year Plan period, the country must put in place enabling factors, especially education.

“I believe that education is the alchemy that can bring India its next golden age. The success we achieve in educating our people will determine how fast India joins the ranks of leading nations of the world,” he said.