New Delhi

President Droupadi Murmu on Wednesday hailed the signing of a free trade agreement with the European Union, saying it will give impetus to the manufacturing and service sectors and create new employment opportunities for the youth of the country.

Murmu also said that over the past 11 years, the economic foundation of the country has grown significantly stronger and despite various global crises, India has remained the fastest growing major economy in the world.

LIVE: President Droupadi Murmu addresses the Parliament https://t.co/Fa7y5xNsxO

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"I congratulate all citizens on the conclusion of negotiations for a free trade

agreement with the European Union. It will give impetus to the manufacturing and service sectors in India and also create new employment opportunities for the youth of India," she said while addressing the joint sitting of Parliament, marking the beginning of the Budget session.

The President said India has further improved its record in keeping inflation under control and it is directly benefiting the poor and middle class.

"As a result of the policies of my government, the income of citizens has increased, their savings have grown, and their purchasing power has also improved," she said.

ALSO READ: India’s-EU landmark FTA to spur growth, jobs, increase New Delhi's relevance

India and the European Union on Tuesday sealed a landmark free trade agreement (FTA)-- billed as the "mother of all deals" -- to create a market of two billion people with Prime Minister Narendra Modi and the top EU leadership unveiling a transformative five-year agenda to largely leverage trade and defence in protecting the rules-based world order.

The two sides also inked two crucial pacts -- one on security and defence collaboration and another on mobility of Indian talents to Europe -- after Prime Minister Modi hosted EU leaders Ursula von der Leyen and Antonio Costa for summit talks amid frosty ties with the US.