Govt taking steps to revive economy: President Pranab Mukherjee in Parliament address
The government, he added, is also working with states to reach a consensus on Goods and Services Tax (GST), which will streamline indirect taxation system.
Mukherjee further said relentless efforts of farmers coupled with conducive policies of the government have resulted in record foodgrain production for two consecutive years, with last year achieving a peak of 260 million tonnes.
This year, he said, despite erratic and deficient rainfall, it is projected that India will produce more than 250 million tonne of foodgrains.
"Our foodgrains position is, therefore, comfortable. The total stock of foodgrains with the public sector agencies was 662 lakh tonnes on February 1, 2013...," Mukherjee said.
He said the recently approved New Investment Policy for urea is expected to create nearly 100 lakh MT of additional production capacity in urea by 2017, making the country self reliant in the product.
Pointing out that lack of adequate and quality infrastructure is a major hurdle in the fast growth, he said, it is imperative that the infrastructure deficit is "overcome and adequate investment takes place".
The President also said the government remains committed to increasing the share of manufacturing sector to 25 per cent of GDP and creating 100 million jobs within a decade.
Referring to the recent rollout of Direct Benefits Transfer system, he said it would enable government sponsored benefits such as scholarships, pensions and maternity benefits to flow