Stage set for next generation of economic reforms: President Murmu in address on eve of Independence Day

New Delhi [India], August 15 (ANI): Noting that the government has created an ideal ecosystem for startups which will propel their growth, made India a more attractive investment destination and brought more efficiency in banking and financial sectors, President Droupadi Murmu on Wednesday said that various such factors have set the stage for the next generation of economic reforms and growth that will make India a developed country.

In her address to the nation on the eve of the 78th Independence Day, she said India has been among the fastest-growing major economies, with an average growth rate of 8 per cent annually from 2021 to 2024.

“This has not only put more money in the hands of people, it has also drastically reduced the number of people living below the poverty line. As for those who continue to suffer from poverty, all efforts are being made not only to provide a helping hand to them, but also to bring them out of it.”

She said PM Garib Kalyan Anna Yojana, launched in the initial phase of Covid-19, continues to provide free ration to about 80 crore people, which also ensures that those who have recently come out of poverty are not forced back into it.

She said it is a matter of pride for all that India has become the fifth largest economy in the world, and we are also poised to become one of the top three economies soon.

She also spoke of the role of farmers, workers and wealth-creators.

“This has been made possible only by tireless hard work of farmers and workers, by the farsightedness of planners and wealth-creators, and by the visionary leadership. Farmers, our Annadata, have ensured that agricultural production continues to beat expectations. With this, they have contributed immensely to making India self-reliant in agriculture and feed our people. Infrastructure has received a boost in recent years,” she said

The President said that strategic planning and effective institutions have helped expand the network of roads and highways, railways as well as ports.

“Considering the great potential of futuristic technology, the Government has vigorously promoted a range of sectors, such as semiconductors and Artificial Intelligence, while also creating an ideal ecosystem for startups which will propel their growth. It has made India an even more attractive investment destination. With greater transparency, the banking and financial sector has become much more efficient. All of these factors have set the stage for the next generation of economic reforms and economic growth that will catapult India among the developed nations,” she said.

The President said that this rapid but equitable progress has given India a higher stature in global affairs.

“After the successful completion of its G-20 Presidency, India has consolidated its role as the voice of the Global South. India intends to use its influential position to expand the scope of world peace and prosperity,” she said.