On the third day of his four-day state visit to Vietnam, President Pranab Mukherjee on Tuesday lavished praise on the Narendra Modi government for what he called its “bold” steps aimed at reviving the economy, creating a favourable climate for global investors and lifting business confidence. The Prime Minister will be visiting the U.S. later this month.
The President said the Prime Minister was expected to have detailed interactions with U.S. President Barack Obama. “After the new NDA government came with a massive mandate — of course, it is too early to formulate cogent policies for the full five years and get it reflected in the plan document and other documents — but the first budget presented by the new government outlines some of the crucial policies and there is substantial continuity and there is change [in policy] where it has been found necessary,” Mr. Mukherjee said.
He was speaking at the function organised by the Indian community here. Mr. Mukherjee made a significant departure from his prepared speech, lauding Mr. Modi for accomplishing a successful trip to Japan from where he hoped substantial Foreign Direct Investment would flow into India in the future.
“One very positive aspect is that there is possibility of substantial FDI, which was an important outcome of the Prime Minister's visit to Japan,” Mr. Mukherjee said adding that $25 nillion-35 billion worth of investments were expected to flow into India in the next five years.
“Also, we had a very good interaction with the Australian Prime Minister Tony Abbott during his visit to India in the last week … and I am [also] visiting Vietnam at this juncture when two fastest growing economies — India and Vietnam — are engaged in having cooperation and interaction,” he said.
The President also praised Oil Minister Dharmendra Pradhan — a member of the official delegation accompanying him — for taking steps to bring down the prices of crude oil. “I can congratulate Mr. Pradhan because after assuming office at the Petroleum Ministry, he has brought good luck to the petroleum sector in the sense that now the petroleum prices have come down to $93 per barrel.”
On the Indian economy he said: “Indian economy, no doubt, is doing well after the financial crisis. We had some teething problems and also certain problems over which domestic policies do not have complete control.”
