India is fast growing major economy, expected to reach third position soon: President

The Uncut


New Delhi. President Draupadi Murmu on Tuesday said India is the fastest growing major economy in the world and is expected to become the third largest economy soon. Addressing an event in Delhi, Murmu said that the Indian economy is performing strongly in the face of global challenges and the country’s economy is likely to grow ten times by 2047.

He said, “India is the fastest growing major economy and is expected to become the third largest economy soon.” According to the latest estimates of the World Bank, India will contribute 16 percent to global economic growth in 2023. Addressing probationary officers of the Indian Trade Service and the Indian Cost Accounting Service, the President said, “Our economy is likely to grow ten times by 2047.” These officers had come to Rashtrapati Bhavan to meet Murmu. He said that with a rapid economic growth of 8.2 percent in 2023-24, the Indian economy is demonstrating strength in the face of challenges globally.

Murmu said India needs to attract private investment to raise per capita income levels and sustain high levels of growth amid global challenges. He said that the policies of the Government of India are investor friendly. Most sectors are open for 100 percent FDI (foreign direct investment) under the automatic route.

Murmu said, “Many initiatives of the government are creating an enabling environment for growth. “India is the third largest startup country after America and Britain.” He asked officials to keep learning and updating themselves about the advancements in artificial intelligence. Also asked to make better use of related technologies in its functioning to contribute to enhancing India’s global capability.

Murmu said, “The government’s emphasis is on promoting manufacturing… In such a situation, it will be your responsibility to provide a favorable environment and facilitate the creation of infrastructure to increase cross-border trade.” The President said, “Your audits in the implementation of the GST system have been helpful in detecting revenue evasion and enhancing compliance measures.”

He said, “You should always strive for betterment.” Be aware of the fact that whatever you do has an ultimate impact on the welfare of vulnerable and disadvantaged groups of people.” The President said that the officers have joined the service at a time when they can contribute to making India a developed nation. He said, “The story of a new, emerging and vibrant India is going to be extraordinary and you are going to play a very important role in it.”

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