Expressing gratitude to members for electing her unanimously, the 71-year-old Indore MP said country's 1.25 billion people have put faith in the elected members with the expectation that their hopes and aspirations will be fulfilled.
"If we discharge our responsibility dutifully and with dedication, then only we will be able to fulfil those expectations of the people," she said.
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Mahajan said it is a challenge for leaders of political parties to do their best to bring peace, prosperity and development in the country and begin a new era.
"In this election, there was a clear mandate for good governance and development and it is the responsibility to honour this mandate and take forward the country for prosperity and development," she said.
The Speaker said the recent election saw participation of 82 crore voters, which was a record.
Seeking cooperation, Mahajan said only through meaningful and extensive debate by members, the House could enact legislations which will bring welfare to the people.
She asked MPs to actively participate in the functioning of various parliamentary committees.