India needs growth rate of 9 percent to eliminate poverty: Pranab Mukherjee

In order to ensure that poverty is totally eliminated and is not just confined to being alleviated, President Pranab Mukherjee has said that India will have to raise its growth rate to 8.5-9 per cent annually over the next 15-20 years. President feels proud of what India has achieved and is optimistic about what the country can achieve. He said “Our current growth rate is around 7.6 percent and we should not be complacent. If we have to achieve our developmental goals, we must raise our growth rate to 8.5 to 9 per cent annually over the next 15-20”.

President said that the world is moving fast and India has to keep pace and added that the time available is short but India’s strength is its mighty hands. He said that India needs competent and knowledgeable officials to guide policy making. Addressing the young group of trainee officers from the Indian Economic Service 2014 at Rashtrapati Bhavan, President said that the expectations from them are high and a big responsibility rests on their young shoulders. He said that the service they have joined provides them an opportunity to serve the people and country for many years and that they will have to advise the political executive in the formulation of policies.

He said that the Indian economy has witnessed many ups and downs. From 1951 to 1979, India had an average growth rate of 3.5 per cent which was called the Hindu growth rate and added that in 80s, the economy grew at an average rate of 5 to 5.6 per cent. From 1991 onwards, the growth rate rose to an average of 7 per cent.