New Delhi, Oct 7 (): Pranab Mukherjee, the Indian President has countered the criticism that the economic stimulus given by him as the Finance Minister in 2009 led to widening CAD and rupee rates falling. He also maintained that economy under him has shown high growth rates.
Pranab Mukherjee told Euronews that like any other country that did to stop the decline of GDP growth which would lead to loss of jobs, he too provided stimulus package and India got relief from the previous year GDP of 6.7% it rose to 9%. The subsequent years it was 8.7% and 9.3% in 2011 fiscal year but the year after that was slipping to 6.2% and further in 2011-2012 to 5%. According to Asian Development Bank’s the growth rate could come to 4.7 per cent in 2013-14.
Pranab Mukherjee said that when he took charge as Finance Minister in January 2009 the global financial crisis impact was being felt in India. His immediate task was to deal with the economic problems. Indian GDP though was growing at a fast rate of around 9 per cent plus but there was on a fortnightly basis declining of the GDP growth. US President George Bush at the first G20 summit arrived at a broad consensus that countries should provide stimulus.
The whole world has not been able to recover from that shock. Mukherjee said keeping in mind the size of the Indian population, the uneven development, India cannot afford to adopt that model used by developed countries because the country has to feed 1.2 billion plus people.
India and European Union, Pranab Mukherjee said many areas of agreement have reached.
There are should be only a very few areas of differences. This too will be brought down and the Comprehensive Economic Partnership Agreement should be signed. Several talks have taken place between India and EU since 2007 over the free trade agreement which has been pending.