For revitalising the forces of growth, the President said there is need for reforms and progressive legislation.
“It is the bounden duty of the law makers to ensure that such legislation is enacted after due discussion and debate. A spirit of accommodation, cooperation and consensus-building should be the preferred mode of decision-making. Delays in decision-making and implementation can only harm the process of development,” he said in his address to the nation on the eve of 67th Republic Day.
The President’s remarks assume significance in the context of the deadlock over the Constitution amendment bill on the Goods and Services Tax (GST) following Congress’ three main demands which the Government has refused to concede.
The President said last year the country was denied the bounty of nature with large parts of India affected by severe drought, other areas reeled under devastating floods.
Unusual weather conditions impacted agricultural production. Rural employment and income levels suffered, Mukherjee said.
“The year 2015 has been a year of challenges during which the global economy remained subdued. Unpredictability ruled the commodity markets. Uncertainty marked the institutional responses. In such troubled environment, no one nation could be an oasis of growth.
“India’s economy also had to face the blowback. Weak investor sentiments led to withdrawal of funds from emerging markets including India putting pressure on the Indian rupee.
Our exports suffered. Our manufacturing sector is yet to recover fully,” he said.
PTI