Budget 2024 will be an effective document of the government’s far-reaching policies and futuristic vision, President Droupadi Murmu says. Along with major economic and social decisions, many historic steps will also be seen in this budget, Murmu says in 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, President Murmu says on the forthcoming budget.
“During the phase of unstable governments in the country that lasted several decades, many governments, even if willing, were neither able to bring reforms nor take critical decisions. The people of India have now changed this situation by their decisive mandate,” the President says, adding that many such reforms have taken place in the last 10 years which are greatly benefitting the nation today.
“Even when these reforms were being taken up, they were opposed and attempts were made to spread negativity. But all these reforms have stood the test of time. Ten years ago, to save India's banking sector from collapsing, the Government brought banking reforms and made laws like IBC. Today, these reforms have made India's banking sector one of the strongest banking sectors in the world,” says Murmu.
“Our public sector banks are robust and profitable today. Profits of public sector banks have crossed ₹1.4 lakh crore in 2023-24 which is 35% higher than last year. The strength of our banks enables them to expand their credit base and contribute to the economic development of the nation. The NPAs of public sector banks are also continuously decreasing. Today SBI is earning record profits,” Murmu adds.
“Today LIC is stronger than ever. Today HAL is also giving strength to the country's defence industry. Today, GST has become a medium to formalise India's economy and is helping make business and trade easier than before. For the first time, in the month of April, GST collection has crossed ₹2 lakh crore. This has also strengthened the states economically. Today, the entire world is excited about Digital India and Digital Payments,” the President says.
In 10 years, India has risen to become the fifth largest economy from being the 11th ranked economy, says Murmu. “From 2021 to 2024, India has grown at an average rate of 8% 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 amidst the global pandemic and despite ongoing conflicts in different parts of the world. This has been made possible due to reforms and major decisions undertaken in the national interest in the last 10 years. Today, India alone is contributing 15% of the global growth. Now, my Government is striving to make India the 3rd largest economy in the world,” the President says.
The government believes that there should be healthy competition among the states to attract investors from all over the world, says Murmu. “This is the true spirit of competitive cooperative federalism. We will continue to move ahead with the belief that the development of the country lies in the development of the states,” Murmu adds.
