Govt policies will put economy back on 7-8 per cent growth path, says Pranab Mukherjee

President Pranab Mukherjee on Wednesday exuded confidence that the government's policy initiatives will soon put the domestic economy back on the high growth trajectory of 7 to 8 per cent.

"A number of measures aimed at investment revival, strengthening macro-economic stability and ramping up infrastructure will certainly posit India back into the high growth trajectory of 7-8 per cent," Mukherjee said at a SCOPE awards ceremony in the national capital.

The President noted that the green shoots of recovery were already visible, with the economy growing at 5.7 per cent during the first quarter of 2014-15 financial year.

"India today stands at the cusp of a transformative phase which, I firmly believe, will successfully place us in the league of developed nations over the next two decades," Mukherjee said.

The President also expressed hope that inflation will be contained below five per cent through various policy interventions by the government.

"Various steps taken towards fiscal consolidation have shown positive results. Inflation has decelerated over the past three months and we hope to contain it below 5 per cent through a judicious mix of policy measures," he said.

Referring to Prime Minister Narendra Modi's 'Make in India' campaign, which is aimed at transforming India into a global manufacturing hub, Mukherjee said, "I believe that our central public sector enterprises (CPSEs) have a vital role in making this a reality."

"We should aim not only at catering to our huge domestic demand but also towards high quality product development and greater access to foreign markets. This would not only create adequate employment opportunities for our youth but also raise standards of living across," Mukherjee said.

Pointing out that CPSEs are custodians of public wealth, the President stressed that they "necessarily need to ensure continued compliance with the best standards of corporate governance and transparency".