Ground work laid for a new era of economic reforms: Prez on I-Day eve

PTI, New Delhi, Aug 14, 2024 : President Droupadi Murmu on Wednesday declared that the groundwork has been laid for a new era of economic reforms aimed at elevating India to the status of a developed nation.

In her address to the nation on the eve of India's 78th Independence Day, the President highlighted India's impressive economic trajectory and said the country has emerged as the fastest-growing major economy, boasting an average annual GDP growth rate of 8 per cent between 2021 and 2024.

"It is a matter of pride that India has become the fifth-largest economy in the world, and we are on the cusp of breaking into the top three economies soon," she remarked.

The President attributed this remarkable progress to the relentless efforts of workers and farmers, the foresight of planners and wealth creators, and the visionary leadership guiding the nation.

She emphasised the government's ambitious goal of transforming India into a 'Viksit Bharat' -- a developed nation -- by 2047, coinciding with the centenary of India's Independence.

President Murmu pointed to the government's focus on infrastructure development, the adoption of cutting-edge technologies, such as artificial intelligence and semiconductors, and a robust banking and financial sector as key factors that make India an increasingly attractive destination for investment.

"All these elements have set the stage for the next generation of economic reforms and growth that will propel India among the developed nations," she stated.

The President also addressed the positive impacts of high economic growth on the populace, noting that it has resulted in increased disposable income and a significant reduction in poverty levels.

"For those who still face economic hardship, we are committed to providing support and pathways out of poverty," she assured.

Citing initiatives like the PM Garib Kalyan Anna Yojana, which provides free rations to approximately 800 million people, President Murmu emphasised that the government is dedicated to ensuring that individuals who have recently escaped poverty are not pushed back into it.

In her address, she commended the diligence of farmers, noting their crucial role in achieving agricultural self-sufficiency in India.

She also observed that recent years have seen significant infrastructure improvements, citing strategic planning and the effectiveness of institutions as vital to expanding the nation's network of roads, highways, railways, and ports