Inaugurating the 35th India International Trade Fair (IITF) 2015 here at Pragati Maidan, he said there was a need to provide impetus to domestic manufacturing, and 'Make in India' campaign along with focus on Asia, Africa and Latin America as newer export markets will help sustain the challenges from the external sector.

"We are a USD 2.1 trillion economy and have the potential to be a USD 10 trillion economy over the next two decades provided we are able to give fillip to manufacturing and innovation," Mukherjee said.

Barring a below 5 percent growth in one year(2012-13), India's economy has shown resilience, the President said.

Inflation is within control and industrial performance is also showing signs of revival, he said adding fiscal consolidation measures are in place and India should be able to meet the target of three percent fiscal deficit by 2017-18.

India's current account deficit (CAD) has improved and has reduced from 1.7 percent of GDP in 2013-14 to 1.4 percent of GDP in 2014-15.

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