Prez: India’s economic base stronger, incomes higher

New Delhi: President Droupadi Murmu on Wednesday said the country’s economic foundation has grown significantly stronger over the past 11 years, and government policies have resulted in higher incomes for citizens. In her address to both Houses of Parliament, the President said that the conclusion of negotiations for a free trade agreement with the European Union will give impetus to India’s manufacturing and service sectors and create new employment opportunities for the country’s youth.

“Over the past 11 years, the economic foundation of the country has grown significantly stronger. Despite various global crises, India has remained the fastest-growing major economy in the world,” Murmu said. She said India has further improved its record in keeping inflation under control. “It is directly benefiting the poor and middle-class families of the country. As a result of the policies of my government, the income of citizens has increased, their savings have grown, and their purchasing power has also improved,” the President said. Murmu also said her government is moving forward on the ‘Reforms Express’ path. Old rules and provisions are continually updated to meet future needs. Everyone has witnessed how the historic next-generation reform in GST has filled citizens with enthusiasm, she said, adding that the reform has ensured savings of Rs 1 lakh crore for citizens. The Income Tax law has also been revamped. A historic decision has been taken to exempt income of up to 12 lakh rupees from taxation. These reforms are providing unprecedented benefits to poor and middle-class families. It has also given the country’s economy a new impetus. She further said that, with the emergence of many new sectors in the country, it is equally important to safeguard workers’ interests. This is also the primary objective behind the implementation of the new labour laws. For a long time, the country’s workforce was entangled in dozens of labour laws, Murmu said. These have now been consolidated into just four Codes, making it easier for workers to receive fair wages, allowances, and other welfare benefits. “From these reforms, the country’s youth and women in particular will benefit significantly,” she said.