Efforts being made to make India $5 tn economy: Kovind

Fundamentals strong, efforts being made to make India $5 tn economy: President Ram Nath Kovind

 President Ram Nath Kovind. (PTI Photo)

President Ram Nath Kovind on Friday said fundamentals of the country's economy are strong and all-out efforts are being made to make India a USD 5 trillion economy.

Addressing a joint sitting of the Parliament, the President said that foreign exchange reserves were at a record high and the FDI inflow was on the rise.

"... government is committed to attaining the goal of making India a USD 5 trillion economy. Towards this objective, the government is making efforts at all levels of the economy in consultation with all stakeholders," he said.

In spite of global challenges, Kovind said the fundamentals of the Indian economy are strong. "Our foreign exchange reserves have reached a historical high of over USD 450 billion," he added.

The inflow of Foreign Direct Investment (FDI) into the country is also on the rise. Compared to last year, the FDI has increased by USD 3 billion between April and October this year.