Indian economy will shortly come back to steady growth: President says

Indian economy will shortly come back to steady growth: President saysIndia's economy will soon be back on a steady growth path, optimistic President Pranab Mukherjee said on Thursday.

Speaking at the IndiaChem 2012, President Mukherjee said that the international conference & exhibition on the chemical industry event was taking place at a time when India's economy was regaining its health.

Expressing optimism about the country's economy, he said, "India's economy is re-bouncing. I believe, shortly, the economy will come back to steady growth."

He added that India's emerging economy has attracted the attention of chemical giants from around the globe. The current worldwide chemical market is estimated at around $3.4 trillion.

It may be noted here that Mr. had failed to push through a slew of economic reforms during his term as the finance minister of India.

The Congress-led coalition government pushed through reforms after Mr. Mukherjee moved to Rashtrapati Bhavan, P Chidambaram once again became the president of India.

To provide a much-needed boost the flagging economy, the government at the centre opened up the multi-retail, aviation and a section of broadcasting sectors to foreign direct investment (FDI). The government also hiked the prices of subsidized diesel and introduced a cap of six cylinders on subsidized cooking gas.

Most recently, the union Cabinet gave a nod to plans to raise foreign direct investment (FDI) cap in insurance sector from existing 26 per cent to 49 per cent, and to open up the pension sector to foreign investors.