President Droupadi Murmu said that the Union Budget will be a futuristic document and all reforms will be fast-tracked as she addressed a joint sitting of Parliament on Thursday.
Congratulating the new MPs in her first address to the joint sitting of Parliament after the constitution of the 18th Lok Sabha, the President said that the representatives of people would act as the medium for fulfilling the aspirations of the people of India.
“My Government will present its first budget in the forthcoming session. This budget will be an effective document of the Government’s far-reaching policies and futuristic vision. Along with major economic and social decisions, many historic steps will also be seen in this budget. The pace of reforms will be further accelerated in tune with the aspirations of people of India for rapid development,” she said.
Speaking on India’s economy, the President said that the resolve of ‘Reform, Perform and Transform’ has made India fastest growing economy in world.
“In 10 years, India rose from the 11th position to become the 5th largest economy…Despite the COVID-19 pandemic and conflicts in different parts of the world, India has been able to achieve this growth rate. This became possible due to the reforms and decisions taken in national interest in the last 10 years. Today, India contributes to 15% of the global growth. My government is working towards making India the 3rd largest economy in the world.”
President on banking sector and GST
President Murmu said that 10 years ago, to save India’s banking sector from collapsing, the government brought banking reforms and made laws like IBC.
“Today, these reforms have made India’s banking sector one of the strongest banking sectors in the world. Our public sector banks are robust and profitable today. Profits of public sector banks have crossed Rs 1.4 lakh crore in 2023-24 which is 35% higher than last year. The strength of our banks enables them to expand their credit base and contribute to the economic development of the nation,” she said.
“The NPAs of Public Sector banks are also continuously decreasing. Today SBI is earning record profits, LIC is stronger than ever, HAL is also giving strength to the country’s defence industry,” she added.
GST has become a medium to formalise India’s economy today and is helping make business and trade easier than before, the President said.
“For the first time, in the month of April, GST collection has crossed Rs 2 lakh crore. This has also strengthened the states economically,” she said.
The President also said that the BJP-led NDA government has provided Rs 3.20 lakh crores to the farmers of the country under PM Kisan Samman Nidhi (PM-KISAN) scheme.
“As the government secured a new term, an amount of more than Rs 20,000 crore has been transferred to farmers. The government has also made a record increase in the MSP for Kharif crops,” she said.
President on LS polls 2024
On the recently-concluded Lok Sabha elections, Murmu said the whole world is talking about the 2024 polls.
“The world can see Indians have for the third time formed a government with a stable and full mandate,” she said adding, “This has happened after six decades. People have shown trust in my government for the third time. People of India are confident that only my government can fulfil their aspirations.”
“This is a stamp of approval for the mission of service and good governance that my government has run for the last 10 years,” the President said.
