India needs 9% growth rate to eliminate poverty

The Dollar Business Bureau

President Pranab Mukherjee on Monday said India must grow at 8.5% to 9% for the next 15-20 years to completely eliminate poverty from the country.  

Interacting with trainees of the Indian Economic Service 2014 (II) batch, the President said an 8.5%-9% growth rate will enable us to meet all our developmental goals in the next two decades.

Highlighting India’s economic transformation since independence, Mukherjee said India’s economic growth has continued to surge ahead since 1951, despite many ups and downs, and there are all prospects of a better future growth.

“From 1951 to 1979, India had an average growth rate of 3.5 % which was called the Hindu Growth Rate. Our economy grew at an average rate of 5% to 5.6 % in the decade of 1980s. From 1991 onwards, our growth rate rose to an average of 7%,” the President said addressing the trainees.

Mukherjee, however, stressed that we should not be complacent about India’s current growth rate, which at present is around 7.6 %.

The president asked the officers to take the heavy responsibilities assigned to them, and bring the necessary change the country’s economic outlook requires. He also urged them to advise the political executives in the formulation of key economic policies.

“The world is moving fast and India has to keep pace. The time available is short but India’s strength is its mighty minds. India needs competent and knowledgeable officials to guide policy making,” he said.

Quoting Mahatma Gandhi, Mukherjee concluded, "Recall the face of the poorest and the weakest man whom you may have seen, and ask yourself, if the step you contemplate is going to be of any use to him."