President Droupadi Murmu stated on Wednesday that the government’s creation of an ideal ecosystem for startups, which has enhanced India’s appeal as an investment destination and improved efficiency in banking and financial sectors, has laid the groundwork for the next wave of economic reforms and growth. This progress is expected to propel India towards becoming a developed nation.
In her address to the nation on the eve of the 78th Independence Day, she highlighted that India has been one of the fastest-growing major economies, achieving an average annual growth rate of 8% 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 mentioned that the PM Garib Kalyan Anna Yojana, introduced during the early stages of Covid-19, is still delivering free rations to approximately 80 crore people, ensuring that those who have recently escaped poverty are not driven back into it. She expressed pride in India’s achievement of becoming the fifth largest economy globally and highlighted that the country is on track to join the top three economies soon. She also acknowledged the contributions 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 noted that strategic planning and efficient institutions have contributed to the growth of the network of roads, highways, railways, and 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 remarked that this swift yet fair progress has elevated India’s standing 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.
