New Delhi: President Ram Nath Kovind exhorted people to use locally manufactured products for a ‘better tomorrow’ as he reiterated the government’s commitment to make India a USD 5 trillion economy.
The President also said that fundamentals of the Indian economy were strong and the foreign exchange reserves were at a record high.
“I urge every representative of the people, from Panchayat level to Parliament, and every government in the country, to transform the philosophy of ‘buy local for a better tomorrow’ into a movement. I also urge every Indian to give priority to local products. By using locally manufactured products, you will be able to help the small entrepreneurs in your area to a great extent,” Kovind said Friday while addressing the joint sitting of the Parliament.
The fundamental mantra of independence was a self-reliant India, he said, adding that it is possible only when every Indian takes pride in every product made in India. The government, he said, was committed to attaining the goal of making India a USD 5 trillion economy and is making efforts at every level in consultation with all stakeholders.
In spite of global challenges, the fundamentals of Indian economy are strong, Kovind stated adding that foreign exchange reserves have reached a historic high of over USD 450 billion.
“Inflow of Foreign Direct Investment (FDI) to India is also on the rise. As compared to last year, FDI has increased by USD 3 billion between April and October, 2019,” he said.
The government has also provided over Rs 43,000 crore to more than eight crore farmers under the PM-KISAN scheme and will spend Rs 25 lakh crore in coming years to boost the rural economy, the president stated.
“Bringing about a change in the lives of farmers, who serve the country selflessly, and development of rural areas are the priorities of my government,” Kovind told the Parliament.
“The government is going to spend an amount of Rs 25 lakh crore in the coming years to strengthen the rural economy. Under the Prime Minister Kisan Samman Nidhi (PM-KISAN), more than Rs 43,000 crore has been deposited in the bank accounts of more than eight crore farmer families. January 2, my government has created a record by transferring Rs 12,000 crore to the bank accounts of six crore farmers simultaneously,” Kovind added.
That aside, Kovind said the government is steadily increasing the minimum support price (MSP) for Kharif and Rabi crops as part of its decision to fix the MSP at least one-and-a-half times the input cost. He highlighted that the procurement of pulses and oilseeds has increased by more than 20 times.
The President also said the Central Government, along with states, is working to provide relief to farmers from natural calamities.
Under the Pradhan Mantri Fasal Bima Yojana, he pointed out that on an average, every year more than 5.5 crore farmers are availing crop insurance cover at a very low premium. Farmers’ claims worth Rs 57,000 crore have been settled in the last three years.
The government has decided to invest more than Rs 100 lakh crore on building modern infrastructure in the country with a special emphasis on connectivity, Kovind informed.
“The poor and the middle-class hope and aspire for a modern 21st century infrastructure in the country. To fulfil this aspiration of the people more than Rs 100 lakh crore will be invested in the next five years. With a special emphasis on connectivity, the government is also focusing on creation of new highways, new waterways, new airways, and new I-ways,” the President said.
Rapid progress is being made towards providing better public transport facilities in urban areas, Kovind said adding, metro facility has now been extended to 18 cities in the country.
So far, 670-km of metro lines have been operationalised, and work on another 930-km is underway, Kovind informed. He further said inland waterways are also being developed by the government and in December 2019, for the first time, container cargo reached Pandu in Assam via National Water Way-2.
On air connectivity, the President he said about 35 lakh people have so far travelled by air under the UDAN scheme and last year, 335 new air routes have been approved.
PTI