President Murmu: India on Track to Become World’s Third Largest Economy, Growing Tenfold by 2047

President Droupadi Murmu recently announced that India, already the world’s fastest-growing major economy, is on track to become the third-largest economy soon. Speaking at an event in Delhi, Murmu noted India’s resilience amid global challenges and said the economy could grow tenfold by 2047.

At the event, where she addressed new officers from the Indian Trade Service and Indian Cost Accounts Service, President Murmu highlighted India’s strong growth in 2023, with an economic growth rate of 8.2%. According to recent data from the World Bank, India contributed 16% to global growth this year.

Focus on Private Investment and Startups

Murmu emphasized the importance of attracting private investment to sustain high growth rates. With favorable policies in place, India now allows 100% foreign direct investment in most sectors. The president also pointed out that India ranks as the world’s third-largest startup hub, after the US and UK.

Adapting to New Technology

Encouraging the officers to embrace AI and new tech, Murmu urged them to apply these advancements in their work to help India remain globally competitive. She added that they have a key role in creating a supportive environment for trade, especially as the government pushes to boost manufacturing and cross-border trade.

Trade and GST Improvements

President Murmu also praised the officers' efforts in the GST audit system, which she said has been effective in identifying tax leakages and enhancing compliance. She reminded them that their work can directly impact the well-being of underprivileged communities, emphasizing their responsibility in shaping a “new, rising, and vibrant India.”

As the officers take on their roles, Murmu highlighted their unique position to help make India a developed nation. “The story of a new, rising, and vibrant India is going to be extraordinary,” she concluded, “and you will play a very important role in it.”

Sources: Internet Sources & Twitter X 

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