India to unleash more reforms to boost economic growth

India will implement more reforms to boost economic growth, including higher spending in farm sector and easing collateral-free loans to small businesses, President Ramnath Kovind told lawmakers on Thursday.

“Inflation is low, fiscal deficit is under control and foreign exchange reserves are rising … Now India is moving towards becoming the world’s fifth largest economy,” Kovind said while addressing the joint session of parliament, ahead of the annual budget.

Newly appointed Finance Minister Nirmala Sitharaman will present the annual budget on July 5.