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Budget Session: India grew fastest among major economies in 2023, says President Murmu

The economy grew 7.80 per cent and 7.60 per cent during the April-June and July-September quarters of the FY24, respectively.

Edited By: Akshit Tyagi New Delhi Updated on: January 31, 2024 12:14 IST
President Droupadi Murmu
Image Source : PTI President Droupadi Murmu

President Droupadi Murmu addressed a joint sitting of Parliament, highlighting that 2023 was a historic year for India as it maintained its status as the fastest-growing major economy despite the global crisis. The Indian economy registered growth rates of 7.80 per cent and 7.60 per cent during the April-June and July-September quarters of the financial year 2023-24, respectively.

“The year 2023 was a historic year for India, when it grew the fastest among major economies despite the global crisis. India grew about 7.5 per cent for two consecutive quarters,” she told the Parliament on behalf of the central government.

President Murmu delivered her address at the beginning of the Budget Session, marking her first speech in the new Parliament building. She expressed confidence in meaningful conversations on policies in the new building, emphasising their significance in the context of 'Ek Bharat, Shreshth Bharat' and the commitment to democratic and parliamentary traditions.

"This is my first address in the new Parliament building. This grand building was built at the beginning of the Amrit Kaal. This has the fragrance of 'Ek Bharat, Shreshth Bharat'... This also has the resolve to honour democratic and parliamentary traditions. Besides this, it also has the resolve to build new traditions of the new India of the 21st century,” Murmu said.

Poverty reduction 

Acknowledging the achievements of her government, President Murmu mentioned the significant reduction in poverty on a large scale, stating that it is a continuation of practices from the past decade. The President also highlighted the importance of the new Parliament building in building traditions for 21st-century India.

President Droupadi Murmu highlighted various developmental initiatives undertaken by the government in her address. She mentioned the government's focus on bringing development to regions that were previously underserved. 

"My government has also taken care of those who were far away from development so far. In the last 10 years, electricity and road connectivity reached for the first time in thousands of tribal villages. Lakhs of tribal families have started getting clean water through pipelines only now. Under a special drive, my government is providing 4G internet connectivity to thousands of tribal-dominated villages. In tribal families, several generations have suffered from sickle cell anaemia. For the first time, a national mission has been started for this. Around 1.40 crore have had checkups under this, so far."

EV infrastructure 

President Murmu also highlighted the growth in the electric vehicle (EV) sector. In the fiscal year 2014-15, around 2000 EVs were sold in the country. However, by December 2023, the number had risen significantly to nearly 15 lakhs. The President attributed several economic developments to the government's commitment to good governance and transparency, emphasising their role as the foundation of every system implemented over the past decade.

"In 2014-15, nearly 2000 EVs were sold in the country). However, by December 2023, nearly 15 lakhs had been sold. In the last 10 years, my government has made good governance and transparency the basis of every system. This is the reason why we have seen several economic developments," says President Droupadi Murmu.

Union Finance Minister Nirmala Sitharaman is set to present the interim Union Budget in the upcoming sessions. The Budget Session is expected to provide eight sittings over a period of 10 days, and it may conclude on February 9. The interim budget typically addresses the fiscal needs until a new government is formed after the Lok Sabha polls, expected in April-May.

Parliamentary Affairs Minister Pralhad Joshi, in an all-party meeting, outlined that the session would primarily focus on financial matters related to the Interim Union Budget for the year 2024-25 and discussions on the Motion of Thanks on the President's Address. Essential legislative and other business may also be addressed during the session. Supplementary Demands for Grants for the Year 2023-24 and discussions on the Interim Budget of Union Territory of Jammu and Kashmir for 2024-25 are also on the agenda.

(With ANI inputs)

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