India's Economic Transformation: From 'Fragile Five' to 'Top Five' - Murmu

New Delhi, Jan 31 (PTI) President Droupadi Murmu on Wednesday said in the last decade India has transformed from “fragile five” to a “top five” economy, and 'Made in India' is now a global brand.

In her first address to a joint sitting of the two Houses in the new Parliament building, she spoke on various aspects of the economy, and highlighted achievements of the 10 years of the Modi government.

"In the last 10 years we have seen India transform from 'fragile five' to a 'top five' economy," Murmu said.

Ten years ago, India was the 10th largest economy in the world, with a GDP of USD 1.9 trillion at current market prices. Today, it is the 5th largest with a GDP of USD 3.7 trillion (estimate 2023-24).

The President further said now 'Made in India' has become a global brand and the world is enthused about the Make in India policy.

"The world is appreciating the objective of 'Atma Nirbhar Bharat'. Today companies from all over the world are excited about the emerging sectors in India," she said.

This, she added is illustrated by investment in the semiconductor sector. Electronics and automobile sectors also stand to benefit significantly from the semiconductor sector.

Highlighting achievements of the last 10 years, Murmu said India's exports have increased from about USD 450 billion to more than USD 775 billion, and FDI flows have doubled.

"The number of people filing Income Tax Return has increased from about 3.25 crore to about 8.25 crore i.e., it has more than doubled," she said.

A decade ago, Murmu said there were only a few hundred startups in the country which have grown to more than one lakh. Also, only 94,000 companies were registered in a year and now the number has increased to 1,60,000.

"In December 2017, 98 lakh people used to pay GST, today their number is 1 crore 40 lakh," the President said.

She further said around 13 crore vehicles were sold in the 10 years before 2014.

"In the last 10 years, countrymen have purchased more than 21 crore vehicles," she said.

The President exuded confidence that the new Parliament building will be witness to productive dialogue on policies propelling the country to become ‘Viksit Bharat' in the Amrit Kaal of India' independence.