India haven of stability in turbulent global economy, says Pranab

  • HT Correspondent, Hindustan Times, New Delhi
  • Updated: Feb 23, 2016 22:56 IST
Addressing a joint sitting of Parliament, President Pranab Mukherjee said the government has taken several steps to improve the country’s economic environment. (Burhaan Kinu/HT Photo)

President Pranab Mukherjee on Tuesday described India, which has climbed 12 notches on the World Bank’s Ease of Doing Business indicator,as “a haven of stability amid a turbulent global economy”.

Addressing a joint sitting of Parliament, Mukherjee said the government has taken several steps to improve the country’s economic environment –including simplifying approval procedures, repealing obsolete laws, putting inplace a non-adversarial tax regime and addressing the issue of subsidy leakage.

“India’s GDP growth has increased, making it the world’s fastest growing economy among large economies,” the President said, adding that inflationand fiscal as well as current account deficits have come down.

The President said over 62 lakh consumers voluntarily surrendered their LPG subsidies under a campaign initiated by the government, and 50 lakh new connections have been accorded to families below poverty line.

Underlining the importance of creating large scale employment, Mukherjee said, “Our youth are the future of our country, and ensuring ‘yuvaon ko rojgaar’ through massive employment generation is the top goal of my government.”

An integrated set of initiatives – including Make in India, Start-Up India, Mudra Yojana and Skill India –will help create a large number of jobs, he said. “A series of reforms has been initiated to help convert job seekers into job creators. My government has launched the Start-Up India campaign, which will deepen, expand and support the innovation eco-system in the country,” Mukherjee added.

The President noted that foreign investment inflow into the countryincreased by 39% in 2015. Concerted steps to address the issue of black money stashed overseas have also started yielding results, he said.

Mukherjee said that banks have cumulatively disbursed over Rs 1 lakh croreamong more than 2.6 crore borrowers under the Mudra Yojana, of whom 2.07 crore are women entrepreneurs. He termed the Pradhan Mantri Jan Dhan Yojana, through which over 21 crore account holders deposited as much as Rs 32,000 crore, as “the world’s most successful” financial inclusion programme.

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