India largest growing economy; promising future awaits us: President

Says govt has taken several measures to improve ease of doing business, ending financial untouchability and containing inflation with a view to stimulate the economy

President Pranab Mukherjee today said India has emerged as the fastest growing large economy with an estimated 7.4% growth rate in 2014-15 and the government is taking "decisive measures" to ensure a better future for the people.

"A promising future awaits us," he said while listing out the initiatives taken by the government in his address to the joint sitting of Parliament.

The government, Mukherjee said, has taken several measures to improve ease of doing business, ending financial untouchability and containing inflation with a view to stimulate the economy.

The President also said the government is determined to take all possible measures to stop generation of black money, both domestically and internationally. These will include putting in place robust legislative and administrative frameworks.

Mukherjee said, "As a result of Government's sustained efforts and series of policy initiatives, our economy is again on the high growth trajectory... Our GDP is growing at 7.4%, which makes India the fastest growing large economy in the world."

He said the decisive measures taken by the government have helped lower the inflation to "record low" and also boosted capital markets.

"Our external sector is now far more resilient, particularly with a moderate current account deficit and a broadly stable rupee. Our foreign exchange reserves have been substantially augmented," Mukherjee said.

The government, in last nine months, has intensified efforts to bring greater efficiency and equity into the tax system, and also placed prudence in expenditure management high on its agenda.