December 10, 2010 6:40 PM

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European economy crisis may affect Indian Exports in future: Pranab<br/>

Finance Minister today cautioned that the crisis in European Economy may affect the Indian Exports in future. Mr Pranab Mukherjee said that high growth rate needs to be maintained to address the concerns of current account deficit which is pegged at three percent of the GDP at present. Addressing the annual function of ASSOCHAM in New Delhi Mr Pranab Mukherjee called upon the business community to focus more proactively on the rural market to offset any loss on account of exports. He added that rural India accounts for more than half of Fast Moving Consumer Goods Sales in the country. The Finance Minister identified several areas for sustained economic growth which has returned to around nine percent. He said innovation in distribution network, ethics by both business community and consumers and investing in Green Technology are some of the key areas in this regard. Mr Mukherjee asserted that India is a nation on the move but called for relentless efforts to reach the goal of becoming the Economic Super Power, before a break can be taken. He added that service sector has contributed predominantly to the higher growth rate in the past few years. The Minister said that making development process more inclusive, improving quality of social and economic infrastructure, reducing regional imbalances and improving the opportunities for less privileged are few of the major challenges alongwith strengthening the role of government as enabler.

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