Ansari inaugurates CIIs annual partnership summit

Updated on: Wednesday, January 30, 2013

Vice President Hamid Ansari said, India is facing a challenge of restoring high growth trajectory and employment generation in the wake of global economic uncertainties.

Inaugurating CII's annual partnership summit here, Ansari said, "The challenge before us is to restore as soon as possible the high growth trajectory along with adequate employment generation in a sustainable and inclusive manner.

"This would be the necessary condition for addressing the primary challenges of poverty alleviation and socio-economic development confronting us."

The Vice-President said that though India could not maintain the robust pace of 7.8 per cent average annual economic growth in the period from 2002-03 to 2011-12, country's gross domestic product (GDP) expanded by 5.3 per cent in the July-September quarter this fiscal despite global economic crisis.

Ansari said, "In terms of economic growth, India weathered the global economic crisis relatively well. Timely stimulus packages and other measures coupled with strong domestic demand helped to a great extent."

He added that the economic growth is expected to be in the range of 5.5 per cent to 5.6 per cent for the current financial year.

Ansari said that the government has addressed the issues of fiscal deficit, high inflation, negative trade balance with the world and flagging exports with a slew of measures.

"Notable amongst these are seminal indirect and direct tax reforms, FDI liberalisation in retail and aviation, disinvestment in PSUs and the establishment of a cabinet committee on investments headed by the Prime Minister for faster clearance of infrastructure projects, all of which are aimed at reviving economic growth," he added.

Ansari inaugurates CIIs annual partnership summit

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