President Ram Nath Kovind is addressing a joint sitting of the Parliament on 31 January 2020. Photo: Twitter: PIB_India

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 $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.

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

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

Kovind hailed the contentious Citizenship Amendment Act as “historic” in his address, prompting protests by some opposition members.

He also said that debate and discussion on any issue strengthens democracy while violence during protests weaken it.

“The Citizenship Amendment Act is a historic law. It has fulfilled wishes of our founding fathers including Mahatma Gandhi,” he said.

“Debate and discussions strengthen democracy but violence during protests weaken democracy,” he said without directly referring to the anti-CAA protests in the country some of which have witnessed violence.

In a reference to abrogation of Article 370, Kovind said there is happiness among people of India that people in Jammu and Kashmir and Ladakh have got rights on par with the rest of the country.

The President said Parliament has created record in the first seven months of the new government headed by Narendra Modi by enacting several landmark legislations.

“My government is taking strong steps for making this decade as India’s decade and this century as India’s century,” he said.

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