Budget will see many ‘historic steps’: Prez
Says it will have far-reaching policies; PLI-led investments set to be Rs4 trn in 14 sectors soon
image for illustrative purpose
India’s avg growth during 2021-24 was 8%. And this growth has not been achieved under usual circumstances. Driven by the PLI scheme, the country’s manufacturing sector is projected to expand threefold, reaching a market size of $1.66 trillion from $459 bn in FY24. Today, India alone is contributing 15% of global growth - Droupadi Murmu, President
Achievements
- Electronics mfg alone generated 12 lakh jobs
- This $100-bn sector will reach $250bn in 5 yrs
- India grew 8% during 2021-24
New Delhi: President Droupadi Murmu on Thursday said the upcoming Union 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, President Murmu said during her address to the Parliament.
“The pace of reforms will be further accelerated in tune with the aspirations of people of India for rapid development. My Government believes that there should be healthy competition among the states to attract investors from all over the world,” the President mentioned.
In 10 years, India has risen to become the fifth largest economy from the 11thranked one, she said.
President Murmu said that from 2021 to 2024, India has grown at an average rate of eight per cent annually.
“And this growth has not been achieved under usual circumstances. In recent years, we have seen the biggest pandemic in 100 years. India has achieved this growth amid the global pandemic and despite ongoing conflicts in different parts of the world,” the President told the Parliament.
Today, India alone is contributing 15 per cent of the global growth, she said.
“Now, my government is striving to make India the third largest economy in the world. Achieving this goal will also strengthen the foundation of a developed India,” President Murmu noted.
More than 12 lakh new jobs have been created in electronics manufacturing alone, which has crossed $100 billion. India’s electronic manufacturing is projected to reach $250 billion in the next five years.
The PLI schemes for 14 sectors are projected to see investments worth Rs3 lakh crore - Rs4 lakh crore in the next couple of years.
The reforms carried out by the government over the last 10 years have made public sector banks more robust, profitable, and capable of driving the nation’s economic growth.
Our country saw tremendous growth -- be it a thrust on local manufacturing, new semiconductor plants, AI, 5G, startups, innovation and PLI schemes for various sectors, while skilling the workforce and creating lakhs of new jobs, said the President.
