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President Pranab Mukherjee says the Indian economy will be among the top 5 globally before long

President Pranab Mukherjee on Tuesday said days are not far off when India’s economy will be among the top five in terms of absolute value and several glorious chapters will be added to the country’s public sector undertakings (PSUs) in the future.

The President highlighted that major changes were brought in 1956, 1973, 1980 and finally 1991, which is considered as the beginning of the era of liberalisation, as a result of which “the Indian economy unleashed its potential and today it is emerging as the first among the emerging economies”.

“Days are not far off when Indian economy will be considered, I am not merely talking from purchasing power of parity, we are already third (in that), but even in terms of absolute value, Indian economy will be in the first 3,4,5 countries...It is reachable,” Mukherjee said.

Addressing an award function to honour outstanding central public sector enterprises (CPSEs), the President expressed a strong belief that India’s public sector story has not ended, it is unfolding slowly and many more glorious chapters will be added to its credit in the years to come. He said it would “not be appropriate” to prophesier the opinion that he is “the product of that regime which strongly believed in the public sector,” because his ministerial career of 35 years is almost equally divided in the pre-liberalised and post-liberalised eras.

Besides, addressing the awards function organised by Standing Conference of Public Enterprises (SCOPE), Union minister for heavy industry and public enterprises Anant Geete said that in the last few years, the country’s public sector enterprises have been facing the toughest competition from China.

He said that the government is taking a somewhat “bitter decision” to shut down CPSEs which we are unable to run, so that people’s money can be utilised for their own progress. CPSEs, including Rural Electrification Corporation, National Aluminium Company Limited (NALCO), Mineral Exploration Corporation Limited, ONGC Videsh Ltd, Electronics Corporation of India Limited (ECIL) and GSL got awards in the Institutional Category.

The Winners of SCOPE Meritorious Awards are Hindustan Petroleum Corporation Limited (HPCL), Power Finance Corporation Ltd. (PFC), Hindustan Aeronautics Limited (HAL), WAPCOS, NALCO, REIL, Steel Authority of India (SAIL), REC, Gas Authority of India Limited (GAIL) & NTPC.

http://www.livemint.com/Politics/zEZtP0IaNY3OZ0b4Dk4K1H/Indian-economy-emerging-as-first-among-emerging-economies-P.html