Many historic steps and major economic decisions will be taken in the upcoming budget, President Droupadi Murmu said on Thursday as she addressed a joint sitting of Parliament.

The budget that will be presented by the government in the next Parliament session will be a document of its futuristic vision, the President said in her first address to the joint sitting of Parliament after the constitution of the 18th Lok Sabha.

"The budget will have major economic and social decisions and many historic steps will be taken. The speed of reforms will be increased to fulfil the aspirations of people," she said.

She said her government believes there should be healthy competition between states for investment.

"This is in the spirit of competitive-cooperative federalism," she added.

Murmu further said, "India has become the world's fifth-largest economy. There has been an average 8 per cent growth in the last 10 years, even though these were not normal times." "This growth rate has been achieved despite a global pandemic and conflicts in different parts of the world. This is the result of the reforms of the last 10 years. India alone is contributing 15 per cent to global growth. My government is working to make India the world's third-largest economy," she said.

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