Tags: Doha , Indian Economy , Pratibha , Prez

New Delhi, Dec 16: Expressing confidence about the Indian economy in the midst of global slowdown, President Pratibha Patil said that the benefits of growth should spread to all regions and sections of the country.

"I am confident about the prospects of the Indian economy, which continues to be one of the fast growing economies of the world," President said at a Federation of Indian Export Organisations award function here.

While the Indian economy has come a long way in the last two decades gaining reputation for resilience and growth, "it is important that the benefits of growth spread to all regions of the country and to all sections of the society so that inclusive growth heralds the emergence of a resurgent India," Patil said.

With the global economy faced with extraordinary challenges, President stressed the need for a collective response of countries to address issues of transparency, accountability and regulation of financial markets.

She said that the economic crisis that emanated from the leading economies of the world has spread to almost all economies across the world.

"This turbulent phase in the global economy has had its impact on India too," she said.

In a globalised world, the issues of transparency accountability and regulation of financial markets have to be addressed collectively.

"India has been a part of these efforts, working with the international community, to restore growth and to reform financial systems. It would also require that the global development agenda is not lost in the current scenario," the President said.

President said for sustaining domestic growth, the government has taken monetary and fiscal measures. "Our financial systems are strong and several steps to enhance considerably liquidity in the market have been taken," she said. Patil said making available funds for achieving development goals and for addressing the concerns of the developing countries, including trade, must receive attention.

Referring to the Doha Round of trade talks, she said better access to existing markets and opening of new markets to developing countries are important.

Terming the decline in country's exports as a "challenge", the President said government would play a co-ordinating role and help to create a business-friendly environment for expansion of overseas trade.

Exports, which grew by about 24 per cent during April- September this fiscal, declined in October. "This is a challenge," she said expressing confidence that India's total merchandise trade would reach the target of five per cent share in world market by 2020.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Add to del.icio.us | digg this | Stumble It