The President, Pranab Mukherjee, today said that the Government has recently unveiled several policy measures designed to put the economy back on a high growth trajectory.
“Important among these have been the decisions to allow Foreign Direct Investment (FDI) in multi-brand retail and the civil aviation sector and seek legislative approval for increasing the FDI cap in the insurance and pension sectors,” he said inaugurating the 32nd edition of the India International Trade Fair (IITF) here.
“Simultaneously, measures have also been announced to keep Government's subsidy burden in check thereby bringing about a reduction in the fiscal deficit,” Mukherjee said adding that “These measures should help in restoring the economy's growth momentum.”
He also stressed that MSMEs are a source of rural empowerment, which is one of the key objectives of Government's agenda of inclusive growth.
The President said, “Economic changes necessarily have social ramifications. In order to keep pace with the rapid global changes, we need to constantly fine-tune the skills of our work force.”
“There is an urgent need to bring skill development and vocational training to the centre-stage of our developmental processes. In order to reach the target of skilling 500 million persons by the year 2022, it is necessary that apart from Government agencies, industry led fora address the issue of integrating skilled manpower into the mainstream of economic growth,” the President said.