INDIA

India Has Again Emerged As World’s Fastest-Growing Economy: President Kovind

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

President Kovind, while addressing both the Houses of Parliament, said, “Due to persistent efforts, India has again emerged as one of the fastest-growing economies of the world. The GST collection during the last several months has been consistently over Rs 1 lakh crore.”

The $48 billion inflow in the first seven months of the current fiscal year, the President said, “is a testament to the confidence of the global investor community in India’s growth story.”

On the country’s growing exports, the President said, “India’s foreign exchange reserves today exceed $630 billion. Our experts have also grown rapidly, which has broken many previous records. During April to December 2021, our merchandise exports stood at over $300 billion or Rs 22 lakh crore, which is one and a half times more than the corresponding period of 2020.”

The President said that the Government has launched 14 flagship schemes with an outlay of over Rs 1,97,000 crore to fully realize the potential of the manufacturing sector and create new opportunities for the youth.

“These schemes will not only help transform India into a global manufacturing hub but will also create over 60 lakh jobs,” he said.

In order to develop his country into a global leader in the field of electronics and technology hardware, the President said that the government has recently sanctioned Rs 76,000 crore for silicon and compound semiconductor fabrication, display FAB, chip design and related enterprises.

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