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In last 10 years, India transformed from ‘fragile five’ to ‘top five’ economy: Murmu

In last 10 years, India transformed from ‘fragile five’ to ‘top five’ economy: Murmu
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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.

India cuts import duty on mobile phone components to 10 pc

New Delhi, Jan 31 (PTI) India has slashed the import duty on spare parts used in mobile phone manufacturing to 10 per cent, from 15 per cent, a move aimed at boosting local production and exports.

The finance ministry on January 30, notified the cut in duty on imports of components including screw, SIM socket, or other mechanical items of metal for cellular mobile phone.

The Indian Cellular and Electronics Association (ICEA) Chairman Pankaj Mohindroo said this is a critical policy intervention by the government towards making mobile manufacturing competitive in India.

“Electronics has improved from the 9th position few years ago to India’s 5th largest export in 2024. Mobiles constitute over 52 per cent of electronics exports thanks to the Production-Linked Incentive Scheme. This is the first industry to leapfrog out of import substitution to export-led growth within the last 8 years,” Mohindroo said.

 

 


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