India back among fastest growing economies: Kovind

Addressing a joint session of Parliament on Monday at the start of the budget session, the President outlined several government schemes to boost the economy, support micro, small and medium enterprises (MSMEs), enhance social security and improve infrastructure. listed.

“Due to the consistent efforts of my government, India has again emerged as one of the fastest growing economies in the world,” he said, citing indicators such as tax collection, foreign direct investment (FDI) and rising exports.

According to government estimates, India’s Gross Domestic Product (GDP) is expected to grow at around 9.2% in the current fiscal after a contraction in FY11. According to the revised estimates released on Monday, India’s GDP shrank 6.6% in FY2011.

The President said that the Goods and Services Tax (GST) collection continues to rise. 1 trillion in the last several months. He also said that the $48 billion inflow in the first seven months of the current fiscal is a testament to the confidence of global investors in India’s growth story. He further said that India’s foreign exchange reserves are more than $ 630 billion.

The President said that exports have broken many previous records. “During April to December 2021, our merchandise exports were $300 billion or more 22 trillion, which is one and a half times more than the corresponding period of 2020,” he said.

Describing MSMEs as the backbone of the Indian economy, Kovind said that around 135,000 businesses have accessed collateral-free loans under the Emergency Credit Line Guarantee Scheme (ECLGS).

In 2020, the government announced collateral-free loans up to 3 trillion to MSMEs under ECLGS, which was increased 4.5 trillion in June 2021. “It is clear from the recent studies that the scheme has given a new lease of life to 1.35 million MSME units and also secured 15 million jobs,” he said.

The President said that several policy decisions have also been taken to expand the scope and opportunities of MSMEs and added that the new and broader definition of MSMEs is helping in the expansion of small scale industries.

He said that the government has allowed wholesale and retail traders as well as street vendors to register themselves on the ‘Udyam’ portal so that they can get the benefit of priority sector lending.

Kovind also mentioned the increase in sales of Khadi products and observed that it is becoming the mainstay of small entrepreneurs. “With the efforts of the government, the sale of Khadi products in the country has tripled since 2014,” he said.

Further, amid expectation that the government will increase capital expenditure for infrastructure development, President Kovind said that infrastructure is the foundation of development in any country. He said that the government has integrated various ministries to work in a coordinated manner under the Pradhan Mantri Gatishakti National Master Plan to accelerate infrastructure development. “This scheme is going to usher in a new era of multi-modal transport in India. In future, railways, highways and airways in India will no longer be a separate and separate infrastructure, but will be an integrated resource for the country.”

The President said that India is committed to reducing carbon emissions by 1 billion tonnes by 2030 and becoming a net-zero economy by 2070. India has also taken the initiative of ‘Green Grid Initiative: One Sun, One World, One Grid’. Global Community, which is the first international network of interconnected solar power grids globally, he said.

The President also pointed to the recently announced 76,000 crore package for silicon and compound semiconductor fabrication, display fab, chip design and related ventures, which it said will greatly benefit the startup ecosystem of the country.

He said that empowerment of the people, especially women and weaker sections of the society is at the top of the priority of the government and ensuring social justice, equality and equal opportunities is the guiding principle of the government.

“My government believes in the mantra of ‘Antyodaya’, which includes social justice, equality, respect and equal opportunities. Therefore, the policies of the government are giving top priority to villages, poor, scheduled castes and scheduled tribes and backward communities .