India has again emerged as world's fastest-growing economy: President Kovind

President Ram Nath Kovind on Monday said that India has once again established itself as the world's fastest-growing economy.

"Due to consistent endeavours, India has again emerged as one of the fastest-growing economies in the world.

"GST collection has consistently remained above Rs 1 lakh crore during the last several months," President Kocind said while addressing both Houses of the Parliament at Central Hall ahead of the Budget Session.

In the first seven months of the current financial year, the inflow of 48 billion dollars, the President said is a "testimony to the belief the global investor community has in India's growth story."

On the increasing exports of the country, the President said, "India's foreign exchange reserves today exceed 630 billion dollars.

"Our exports have also grown rapidly, breaking several past records.

"During April to December 2021, our goods-exports stood at 300 billion dollars or more than Rupees 22 lakh crore, which is one and a half times more than the corresponding period of 2020."

The government has launched 14 key schemes with an outlay of over Rs 197,000 crore to fully realize the potential of the manufacturing sector and to create new opportunities for the youth, the President said.

"These schemes will not only help transform India as a global manufacturing hub but also create over 60 lakh jobs," he added.

In order to develop our country as a global leader in the field of electronics and technology hardware, the President said that the government has also recently announced a package of Rs 76,000 crore for silicon and compound semiconductor fabrication, display FAB, chip design and related ventures.

Photograph: PTI Photo