New Delhi, Sept 28 (PTI) Amid growing fears of another global recession looming large, President Pratibha Patil today exuded confidence that India with its strong fundamentals and resilience will continue to grow economically. Inaugurating the seventh regional conference of the ADB-OECD on combating corruption, the President said India has made great economic strides since 1991 when the process of economic reforms were ushered in. This has enabled the country's GDP to grow, reaching a level of 9.6 per cent in the year prior to the global economic crisis of 2008, she said. Once again the global economic environment is raising concerns. However, I am confident that with its strong fundamentals and resilience, the Indian economy will grow, and we will continue to pursue an inclusive growth strategy, that includes an ambitious programme for the expansion of our social and infrastructure sectors, the President said. Asian and European markets have tumbled in the past few weeks following drubbing of the Wall Street as funds pulled out of risky assets on worries over slowing global economy. Analysts have been warning that the US Federal Reserve disappointed investors with its stimulus plan last week while cautioning of serious downside risks to American growth amid severe euro zone debt crisis. Patil said Indian economy had faced global financial meltdown with alacrity and persisted with a high growth trajectory. India's weight in the global economic landscape increased considerably, she said, adding, we recognise that corruption is a hurdle towards these endeavours and that it must be removed. Patil told the delegates that a process to consider changes in the Indian penal laws has also been set in motion for criminalising private sector bribery. She said any approach to combat corruption would need to be multifaceted, as the problem itself has a number of dimensions. Governments would have to constantly look at and review existing laws, systems and procedures for ensuring their effectiveness. It would require strengthening institutions, removing loopholes, stringently implementing laws and making every institution more transparent in its functioning, she said, adding that all stakeholders will have to work together in all these initiatives. Highlighting the multi-level checks at the probe and judicial levels to tackle corruption, Patil said the Parliament is also considering framing an Ombudsman Law and getting the Judicial Standards and Accountability Bill, 2010 passed soon. Rules of conduct for public officials provide for submission of reports regarding investments, assets and properties and gifts received. There are also provisions for prevention of conflict of interest through restrictions on private employment of public officials after retirement. Violation of conduct rules attracts disciplinary action against officials, the President said. Hailing the ADB-OECD initiative against corruption, she emphasised on bilateral arrangements for mutual assistance to build international cooperation.
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