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Pranab for deepening markets to withstand global shocks

A robust domestic demand will be key to withstanding the shocks and uncertainties that come with a global economy, Finance Minister Pranab Mukherjee said on Friday.

business Updated: Oct 09, 2009 13:54 IST

A robust domestic demand will be key to withstanding the shocks and uncertainties that come with a global economy, Finance Minister Pranab Mukherjee said on Friday.

"We have to deepen and broaden the domestic market, so that we can ride the shocks and uncertainties of the global economy just as well as the periods of expansion and boom," Mukherjee said at the 88th Annual Function of Assocham in New Delhi.

"This requires that we take a balanced, broad-based approach to our development process, an approach that is well captured by the idea of garland of grids," he said.

Steps have to be taken to allow the economy to develop spatially and synergistically across different sectors to ensure that overall sustainability of the growth process and a quality of life that the 'Aam Aadmi' aspires for.

Speaking on the health of the economy, the Finance Minister said the Gross Domestic Product has grown at 8.5 per cent in the past few year, although there was a significant dip in the rate in 2008-09, owing to the global meltdown.

But even then, the country has succeeded in significantly raising the growth rate and sustaining the momentum of the economy, he said, adding, savings and investment rates have picked up.