India well on way to become developed economy by 2047: President Murmu

New Delhi, Aug 14 (IANS) President Droupadi Murmu on Thursday said that India's "all-round economic growth complemented by social sector initiatives" has placed the country well on the path of becoming a developed economy by 2047.

Addressing the nation on the eve of the 79th Independence Day, the President said India has emerged as the world’s fastest-growing major economy with a GDP growth rate of 6.5 per cent in the last fiscal and in this Digital Age, the country has seen "the most dramatic advances" in the information technology sector.

She pointed out that 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. This is as much due to carefully calibrated reforms and sagacious economic management as due to the hard work and dedication of our workers and farmers," she said.

"A large number of people have been pulled out of poverty through good governance. 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, so that they do not fall below it again. This is reflected in the rising expenditure on social services," the President said.

Underscoring the achievements in the IT sector, she pointed out that nearly all the villages in the country have 4G mobile connectivity, and the remaining few thousand will be covered soon. This has made possible the large-scale adoption of digital payment technologies, in which India has become a world leader in a short span.

It has also supported Direct Benefit Transfer, which ensures that welfare benefits reach the intended beneficiaries without glitches and leakages. More than half of the total number of digital transactions in the world take place in India. These developments have created a vibrant digital economy whose contribution to the country’s GDP is increasing year on year, the President observed.

Looking ahead, she said that Artificial Intelligence is the next stage of technological advancement and has already entered our lives. The government has launched the India-AI mission to strengthen the country’s capabilities. It is also helping to build AI models that answer to India’s specific requirements. "As we aspire to become a global AI hub by 2047, our focus will remain on making the best use of the advances in technology for the common people, to improve their lives by improving governance," she said.

The President also observed that income inequality is reducing. Regional disparities are also disappearing. States and regions, earlier known for weaker economic performance, are now showing their true potential and catching up with the front-runners.

Besides, she highlighted the rapid development in infrastructure that has removed the bottlenecks in the path of wealth creation for small and medium industries and traders.

"Over the past decade, we have expanded and strengthened the National Highway network under the Bharatmala Pariyojana. The Railways too have innovated, introducing new types of trains and coaches equipped with the latest technologies. The inauguration of the rail link in the Kashmir Valley is a major accomplishment. Rail connectivity with the valley will boost trade and tourism in the region and open new economic possibilities. This engineering marvel in Kashmir is a historic milestone for our country," she remarked.

She further stated that the country is rapidly urbanising and hence, the government has been paying special attention to improving the conditions of cities. Addressing the key area of urban transport, the government has expanded Metro Rail facilities, and the number of cities with such services has gone up multifold in a decade. The Atal Mission for Rejuvenation and Urban Transformation, or AMRUT, has ensured more and more households have access to a tap with the assured supply of water and a sewerage connection.

Noting that the government considers the basic amenities of life as rightful claims of the citizens, she said that the Jal Jeevan Mission is making progress in providing tap water supply to rural households. "In the healthcare sector, we have been witnessing a paradigm shift with a variety of initiatives under Ayushman Bharat, the largest healthcare scheme of its kind in the world," she said.

For the betterment of the lives of the common people, there is equal emphasis on improving the ease of doing business as well as on improving the ease of living. Development serves the purpose only when it helps those on the margins and opens new opportunities for them. Moreover, we are increasing our self-reliance in every area possible. This has added to our self-confidence and increased the momentum of our journey towards becoming Viksit Bharat, President Murmu added.

--IANS

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