Prez hopes economy returns to growth path

President Pranab Mukherjee hoped on Thursday the Indian economy would shortly return to the path of steady growth.

Inaugurating an international conference and exhibition of the chemicals and petrochemicals industry,he said the event was happening at a time when the Indian economy was witnessing a rebound.

Mukherjee said research and development were key to advancement of the sector.

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The R&D expenditure in this sector is only one or two per cent on the turnover. This is highly unsatisfactory, he said and urged industry captains to spend at least five to six per cent on research.

Mukherjee said the industry must also ensure adherence to safety and international health and environmental standards and promote sustainable development by investing in technology that safeguards environment and stimulates growth.

The President said the global chemical market was estimated to be around $3.4 trillion,of which India had a 3 per cent share.

Mukherjee said efforts should also be made to nurture talent and make sure skill development matched growth requirement.

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