Describing India as “a haven of stability” in a turbulent global economy, President Pranab Mukherjee on Tuesday said the government has simplified procedures for approvals, repealed obsolete laws and put in place a non-adversarial tax regime to attract investments.
Addressing the joint sitting of Parliament at the start of the Budget session, the President stated that employment generation was the government’s top goal. Job creation is being driven through initiatives like Make-in-India, Startup India, Mudra and Skill India, he added. He listed out achievements of the Modi government, saying India has jumped 12 places on the ease of doing ranking of the World Bank while foreign investment inflow has risen 39 per cent.
The government has taken to reforming institutions, simplifying procedures and repealing obsolete laws, besides unlocking infrastructure development opportunities as well as focusing on clean energy and cutting subsidy leakages.
“India is a haven of stability in an increasingly turbulent global economy. GDP growth has increased making India the world’s fastest growing economy among large economies,” he said.
Mukherjee said inflation, fiscal deficit and current account deficit have all come down and the country recorded the highest ever foreign exchange reserves in 2015.