New Delhi, Jun 27 (IANS): President Droupadi Murmu on Thursday said the upcoming Union Budget will be an effective document of the government's far-reaching policies and futuristic vision.

Along with major economic and social decisions, many historic steps will also be seen in this budget, President Murmu said during her address to the Parliament.

"The pace of reforms will be further accelerated in tune with the aspirations of people of India for rapid development. My Government believes that there should be healthy competition among the states to attract investors from all over the world," the President mentioned.

In 10 years, India has risen to become the fifth largest economy from the 11th ranked one, she said.

President Murmu said that from 2021 to 2024, India has grown at an average rate of 8 per cent annually.

"And this growth has not been achieved under usual circumstances. In recent years, we have seen the biggest pandemic in 100 years. India has achieved this growth amid the global pandemic and despite ongoing conflicts in different parts of the world," the President told the Parliament.

Today, India alone is contributing 15 per cent of the global growth, she said.

"Now, my government is striving to make India the third largest economy in the world. Achieving this goal will also strengthen the foundation of a developed India," President Murmu noted.