President Droupadi Murmu shines light on UPI transactions, macroeconomic stability

President Murmu on Budget 2024: In her inaugural address to the new parliament ahead of the Interim Budget 2024, President Droupadi Murmu cemented the government's faith in wealth creators, and focused on MSME empowerment, and macro-economic stability.

"The government respects wealth creators, believes in the private sector, and has been working towards improving the ease of doing business framework," she said.

Further, she said that the "Viksit Bharat" monument will stands on the pillars “Yuva Shakti, Kisan Shakti, Nari Shakti and Garib Shakti.

Macroeconomic status

Focusing on the macroeconomic stability of India, Murmu said,"In 10 years, the capex rose 5 per cent to 10 lakh crore, meanwhile, the fiscal deficit is also in control, and the foreign exchange reserves is $ 616.14 billion."

In the banking sector, Non-Performing Assets (NPAs) have witnessed a remarkable decline, transitioning from double digits to a commendable 4 per cent, signifying improved financial health and prudent fiscal management.

Highlighting a pertinent central government programme, she said,"The conception of Digital India which has resulted in ease of living and doing business is considered a big achievement for the country."

"India contributes to 46 percent of the world's real time digital dealing," she said, while further saying that, “1,200 crore UPI transactions took place were recorded in 2023 worth above 18 lakh crore .”

MSME

On the Micro, Small, and Medium Enterprises (MSME) front, Murmu said,"Due to the Credit Guarantee Scheme, 5 lakh crore was garnered for MSM, recording a 6 per cent growth than before 2014."

"The definition of MSME has also undergone a change in the basis of turnover," she informed, while mentioning that new MSME registrations tallied upto 3.5 crore.

Automobile Sector

Speaking on the country's automotive industry, Murmu said,"In the 10 years preceding to 2014, the overall auto sales stood at 13 crore vehicles, while in the past 10 years it rose to 21 crore vehicles."

In the electric vehicle (EV) space, she said,"EV sales were 2,000 units during 2014-2015period, while it was recorded at 1 lakh units in December 2023."