India emerged as fastest-growing economy again

INDIAN president Ram Nath Kovind on Monday (31) said the country has once again established itself as the fastest-growing economy in the world.

"Due to consistent endeavours, India has again emerged as one of the fastest-growing economies in the world. GST collection has consistently remained above Rupees 1 lakh crore (£9.9 billion) during the last several months," Kovind said while addressing both houses of the parliament ahead of the budget session that kicked off the same day.

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In the first seven months of the current financial year, the inflow of $48 billion (£35.7 billion) is a "testimony to the belief the global investor community has in India’s growth story", the president said.

On the increasing exports of the country, Kovind said, "India’s foreign exchange reserves today exceed 630 billion dollars (£468 billion). Our exports have also grown rapidly, breaking several past records. During April to December 2021, our goods-exports stood at 300 billion dollars (£223 billion) or more than Rupees 22 lakh crore (£219 billion), which is one and a half times more than the corresponding period of 2020."

The Narendra Modi government has launched 14 key schemes with an outlay of over Rs 197,000 crore (£19.6 billion) to fully realise the potential of the manufacturing sector and to create new opportunities for the youth, he added.

"These schemes will not only help transform India as a global manufacturing hub but also create over 60 lakh (six million) jobs," he said.

• India emerged as fastest-growing economy again’

In order to develop India as a global leader in the field of electronics and technology hardware, Kovind said the government has also recently announced a package of Rupees 76,000 crore (£7.5 billion) for silicon and compound semiconductor fabrication, chip design and related ventures.

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