India will become the third largest economy in the world: President Draupadi Murmu

President Draupadi Murmu hinted at a big announcement in the budget, Said-India will become the third largest economy in the world

President Draupadi Murmu on Thursday while addressing the joint session of Parliament said that the upcoming Union Budget will be a visionary document. The budget will make provision for taking all the reforms forward at a fast pace. Congratulating the new MPs in her first address to the joint session of Parliament after the formation of the 18th Lok Sabha, the President said that the representatives of the people will act as a medium to fulfill the aspirations of the people of India.

President said that in the upcoming session, the new government will present the first budget of its tenure. This budget will be an impressive document of the government’s far-reaching policy and vision for the future. Big economic and social decisions will be seen in this budget from the government and many historic steps will also be seen. The President said that today India is performing well in many areas. If India performs well in the world in terms of digital payments, then we should be proud.

Regarding India’s economy, the President said that on the basis of ‘reform, performance and transformation’, India has become the fastest growing economy in the world today. In 10 years, India has risen from the 11th position to become the 5th largest economy. And this has been possible when the Covid-19 pandemic and the struggle in various parts of the world are continuing, which is affecting the world economy.
This has been possible due to the reforms and decisions taken in national interest in the last 10 years. Today India contributes 15% to global growth. My government is working towards making India the third largest economy in the world.

This time, the government may announce reduction in income tax rates for some categories of individuals in the Union Budget. Experts say that a new income tax slab may be announced. Reduction in individual tax can boost consumption in the economy and increase savings for the middle class. There is also a discussion that individuals whose income is more than Rs 15 lakh per annum may get relief in income tax. The government may also consider reducing the income tax slab for an annual income of Rs 10 lakh.