India can set international R&D benchmarks: President

India, expected to become one of the largest global economies, can set international benchmarks in research and development, President Pratibha Patil said on Friday.

India, expected to become one of the largest global economies, can set international benchmarks in research and development, President Pratibha Patil said on Friday.

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India had been playing a leading role in the knowledge economy and was "well placed to face the future with confidence", Patil said in her address to the nation on the eve of Independence Day.

"India can set high standards of research and development so that these can become the international benchmarks in a knowledge society."

Turning to the economy, she said, "The world expects India to be one of the largest economies of the world. We know we can achieve this position.

"After all," she noted, "history tells us that since ancient times India was a wealthy nation well known for its riches and its global importance".

Referring to the global economic slowdown, "which demands that we manage the economy to counter its effects", Patil said, "We must work to continue our upward trajectory."

"We have a large domestic market and inherent strengths to drive the economy forward. As we focus on areas of proven strength, on building of infrastructure throughout the country and rural development, it should be our incessant endeavour to expand into new areas of growth," the president added.