Despite serious crisis in the world, India is the fastest growing economy: President

New Delhi. President Draupadi Murmu, while addressing the joint meeting of Lok Sabha and Rajya Sabha on the first day of the Budget session on Wednesday, said that despite the serious crisis across the world, India is the fastest growing economy. He said that earlier India was among the five most fragile economies of the world, but today it has become the fifth largest economy in the world. The President said that the number of people filing Income Tax Returns (ITR) in the country has increased from about 3.25 crore to about 8.25 crore.

He said India was the 10th largest economy in the world ten years ago with a gross domestic product (GDP) of US$ 1,900 billion at current market prices. Today India is the fifth largest economy with an estimated GDP of US$3,700 billion (FY 2023-24). The President expressed confidence that the new Parliament House will witness fruitful discussions on the policies that will inspire the country to become a ‘developed India’ in the golden age of India’s independence.

President Murmu also said in his address that India’s economic growth rate has been seven and a half percent in the last two consecutive quarters. Earlier the inflation rate in the country used to be in double digits, which is now four percent. The President said that the GDP growth rate in the first quarter of the current financial year 2023-24 has been 7.8 percent. The economy grew at the rate of 7.6 percent in the July-September quarter.

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