Prez to industry: Don't be despondent in tough times

President Pranab Mukherjee today asked the industry not to be despondent despite difficult economic situations and make collective efforts to overcome them.

"I do not feel that we should feel disappointed or despondent when situations become difficult, rather we should overcome them with our collective effort as had been demonstrated umpteen number of times," Mukherjee said at a felicitation ceremony accorded to him jointly by city-based chambers of commerce here.

Mukherjee said, "High inflation, higher current account and fiscal deficits, low growth rate no doubt are areas of concern. But these should not lead us to despondency."

While the average growth during 1950 to 1979 was 3.9 per cent, it rose to 5.6 per cent in the 80s, six per cent in the 90s, and after start of economic reforms in the early 90s, the GDP growth was 8.7 per cent till 2011-12, he said.

"By any standard, one can say this is not a disappointing picture," he said.

"During recent times, there has been two major international crisis, recession of 2008 and turmoil in the Eurozone. But despite these serious interruptions, the country could turn around," he said.

Mukherjee said, "I do not think any other country has achieved such growth rates. In a globalised world, India cannot insulate itself," he said.

He said that stimulus package of Rs 1.86 lakh crore in 2008-09 had led to inflationary pressures, but the overall India narrative had not been negative but positive where all had contributed.

"Problems are there, we should face them, resolve them and overcome the difficulties by our collective effort," he said.

He said that India would truly be a land of inclusive growth where fruits of development would reach each and every individual and to each every part of the country.

Mukherjee refused to comment on policy matters saying that the President was guided by the Prime Minister and council of ministers.