New Delhi, Jan 28 (PTI) President Droupadi Murmu on Wednesday said the country's economic foundation has grown significantly stronger over the past 11 years, and government policies have resulted in higher incomes for citizens.

In her address to both Houses of Parliament, the President said that the conclusion of negotiations for a free trade agreement with the European Union will give impetus to India's manufacturing and service sectors and create new employment opportunities for the country's youth.

"Over the past 11 years, the economic foundation of the country has grown significantly stronger. Despite various global crises, India has remained the fastest-growing major economy in the world," Murmu said.

She said India has further improved its record in keeping inflation under control.

"It is directly benefiting the poor and middle-class families of the country. As a result of the policies of my government, the income of citizens has increased, their savings have grown, and their purchasing power has also improved," the President said.

Murmu also said her government is moving forward on the 'Reforms Express' path. Old rules and provisions are continually updated to meet future needs.

Everyone has witnessed how the historic next-generation reform in GST has filled citizens with enthusiasm, she said, adding that the reform has ensured savings of Rs 1 lakh crore for citizens.

The Income Tax law has also been revamped. A historic decision has been taken to exempt income of up to 12 lakh rupees from taxation. These reforms are providing unprecedented benefits to poor and middle-class families. It has also given the country's economy a new impetus.

She further said that, with the emergence of many new sectors in the country, it is equally important to safeguard workers' interests.

This is also the primary objective behind the implementation of the new labour laws. For a long time, the country’s workforce was entangled in dozens of labour laws, Murmu said.

These have now been consolidated into just four Codes, making it easier for workers to receive fair wages, allowances, and other welfare benefits.

"From these reforms, the country’s youth and women in particular will benefit significantly," she said.

The President noted that during the last 11 years, more than 7,200 kilometres of national highways have been built in the North-Eastern region, making it easier to reach remote, hilly, tribal, and border areas.

Additionally, under the Pradhan Mantri Gram Sadak Yojana, approximately 50,000 kilometres of rural roads have been built, Murmu said, adding that it has improved access to markets, hospitals, and schools.

Talking about the country's agriculture sector, the President said a prosperous farmer is the first priority for Viksit Bharat.

With this spirit, the government launched a scheme like PM Kisan Samman Nidhi. Under this scheme, over 4 lakh crore rupees have been directly transferred to their bank accounts, so far, she said.

"My government's sound policies and initiatives have led to a rapid increase in agricultural production in the country. There has been a record production of food grains and horticulture crops in 2024–25," Murmu said.

She also informed Parliament that her government is strengthening the cooperative movement in sectors such as agriculture and livestock.

Murmu said that under the PLI scheme, investments of about Rs 2 lakh crore have been attracted so far.

Also, production worth more than Rs 17 lakh crore has been done.

She said India's share in global investment and exports has been steadily increasing, and over the past 11 years, India has attracted about USD 750 billion in FDI.

"My government is promoting new sectors in India. Self-reliance in making microchips is essential for modern manufacturing and future technologies.

"In 2025, four more semiconductor manufacturing units have been sanctioned. A total of 10 such factories are going to commence their operations in the near future. India is taking concrete steps for nano-chip manufacturing," she said.

Apart from chips, the President said her government has also started working in mission mode in another major sector.

Through the National Critical Mineral Mission, dependence on other countries for essential minerals is being reduced.

In her address, Murmu also spoke on the dangers arising due to the misuse of AI. "...it is imperative to be serious about this issue. DeepFake, misinformation, and fake content are becoming significant threats to democracy, social harmony, and public trust. It is essential that all of you deliberate on this grave issue," she said.

The President also noted that India is shouldering major responsibilities in several global organisations with its extensive role and proactive engagement.

"This year, India holds the presidency of BRICS, and the world is viewing it with great optimism. Keeping future opportunities and challenges in mind, India will also host a Global AI Impact Summit to bring the international community onto a common platform. This too will prove to be a significant event for the world," she said.

Murmu further said all citizens can see that India stands at an important stage in its journey towards the future. The impact of the decisions being taken today will be seen in the years to come. PTI NKD DRR

India economic reforms boost incomes through GST savings, tax exemption to 12 lakh, labour codes consolidation, semiconductor drive. India's economic growth has raised citizen incomes and controlled inflation. Reforms include a next generation GST producing large consumer savings and an Income Tax restructuring exempting incomes up to 12 lakh rupees. Labour statutes have been consolidated into four labour codes to simplify protections and benefits. Industrial measures - including the PLI scheme, semiconductor manufacturing promotion, and a National Critical Mineral Mission - aim to attract investment, expand production, and reduce import dependence, while infrastructure and farmer support programs improve access and direct income transfers.