Efforts on to make India 5th largest economy in terms of GDP: President Kovind

President Ram Nath Kovind on Thursday said that work is underway in full earnest to transform India into a "global manufacturing hub" and to ensure Indian economy is among five largest in the world in terms of gross domestic product (GDP). "Keeping in view Industry 4.0, a New Industrial Policy will be announced shortly. In 'Ease of Doing Business', India has leap-frogged 65 positions during the past 5 years, from a ranking of 142 in 2014 to 77. Now our goal is to be among the top 50 countries of the world," Kovind said in his customary address to the joint sitting of Parliament.

The President said that the process of simplification of rules will be further expedited in collaboration with the states and necessary amendments are also being brought in the Companies Law. Kovind further emphasised that the reform process will continue to maintain the growth rate.

"India is now on the way to become the world's 5th largest economy in terms of GDP. To maintain a high growth rate, the reform process will continue. It is our objective to make India a 5-trillion dollar economy by 2024," he said.

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