Govt is dedicated to turn India into $5 trillion economy: President Ram Nath Kovind

President Kovind said, "India has made significant improvement in World Bank’s Ease of Doing Business ranking."

New Delhi: President Ram Nath Kovind on Friday (January 31) hailed the achievement of the government saying it is dedicated to meet the target of a $5 trillion economy. Addressing the joint session Parliament, the President said, "My government is dedicated to turning India into a $5 trillion economy. We're discussing with every stakeholder and work is being done at every level of the economy to turn this into reality."

He said, "India has made significant improvement in World Bank’s Ease of Doing Business ranking," adding that the government runs on "Sabka Saath, Sabka Vikas, Sabka Vishwas" and policies have been implemented without any religious bias. ​

"In spite of the challenges being faced by the world, the foundation of India's economy remains strong," President Kovind said, adding "I call upon all leaders and people of India to give preference to local and indigenous products. If you do that, you will be helping the MSMEs in your region."

With Insolvency and Bankruptcy Code, the government has managed to bring back Rs 3.50 lakh crore from banks and other institutions, the President said, adding that the ease of doing business would be easier in the country with the reduction in Corporate Tax and with laws related to Labour Code it would be firther faciliated.

The President said, "The government is also committed to the development waterways in India. For the first time in India's history, a cargo reached Assam's Pandu through waterways via the National Waterway-II in December 2019, he added: President

He also hailed the contentious Citizenship Amendment Act as "historic" prompting protests by some opposition members, adding "The Citizenship Amendment Act is a historic law. It has fulfilled wishes of our founding fathers including Mahatma Gandhi." 

"Debate and discussions strengthen democracy but violence during protests weaken democracy," he said without directly referring to the anti-CAA protests in the country some of which have witnessed violence.

In a reference to abrogation of Article 370, Kovind said there is happiness among people of India that people in Jammu and Kashmir and Ladakh have got rights on par with the rest of the country.

The President said Parliament has created record in the first seven months of the new government headed by Narendra Modi by enacting several landmark legislations.