India well on way to becoming self-reliant nation: President Droupadi Murmu

New Delhi: The President of India Droupadi Murmu on Thursday said India is well on the way to becoming a self-reliant nation and moving ahead with great confidence to be a developed economy by 2047.

In her address to the nation on the eve of the 79th Independence Day, Murmu said the country's economy is in the pink of health with inflation under control, and exports rising.

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"After the long years of foreign rule, India was in utter poverty at the time of Independence. But in the 78 years since then, we have made extraordinary progress in all fields. India is well on the way to becoming a self-reliant nation and is moving ahead with great confidence," the President said.

In the economic field, she said India's achievements are more noticeable with GDP growing at 6.5 per cent in the last fiscal, making the country the fastest growing among the major economies in the world.

"Even amid stress in the global economy, demand at home is pacing ahead. Inflation has remained under control. Exports are rising. All key indicators show the economy in the pink of health," Murmu said.

She attributed the achievements on the economic front to the carefully calibrated reforms, sagacious economic management, hard work and dedication of farmers.

"The all-round economic growth complemented by social sector initiatives has placed India well on the path of becoming a developed nation by 2047. With the nation marching ahead during the Amrit Kaal, I see all of us contributing to the best of our ability," she said.

Observing that a large number of people have been pulled out of poverty through good governance, the President said the government has been running a series of welfare initiatives for the poor and also for those who have risen above the poverty line, but are still vulnerable.

"Income inequality is reducing. Regional disparities are also disappearing," Murmu said, adding that states and regions known for weak economic performance are now showing their true potential and catching up with front-runners.

Stressing that business leaders, small and medium industries and traders have always exhibited a "can-do spirit", she said, "what was needed was removing the bottleneck in the path of wealth creation. This is so visible when it comes to infrastructure development over the past decade".

She highlighted the expansion of the national highway network, and the introduction of new types of trains and coaches by the Indian railways.

In particular, she said the inauguration of the rail link in the Kashmir valley was a major accomplishment which will boost trade and tourism and open new economic policies. This engineering marvel in Kashmir is a historic milestone for India.

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