At an event in Delhi, President Droupadi Murmu showcased India’s remarkable economic momentum, stating that India is on track to become the world’s third-largest economy. She highlighted the nation’s robust economic performance in facing geopolitical challenges, with a projected tenfold increase in economic size by 2047. The World Bank’s recent estimates affirm India’s global impact, contributing 16% of worldwide economic growth in 2023, with an expected 8.2% growth rate in the 2023-24 fiscal year.
President Murmu emphasized the critical role of private investment to elevate per capita income and support sustained growth amid global uncertainties. She also outlined the government’s commitment to fostering an investment-friendly environment, noting the allowance of 100% foreign direct investment (FDI) in most sectors under the automatic route. Praising India’s position as the third-largest startup ecosystem, after the US and UK, she encouraged government officers to stay updated on artificial intelligence and technology advancements to improve infrastructure, facilitate trade agreements, and innovate policies for cross-border trade.
President Murmu further acknowledged the importance of officers in administering the Goods and Services Tax (GST) system, urging them to pursue excellence. She highlighted that their dedication plays a crucial role in India’s journey toward becoming a developed nation, with a particular focus on uplifting underprivileged communities.
