New Delhi/IBNS: President Droupadi Murmu on Thursday dropped a big hint at how the upcoming Union Budget will shape up as she called it "historic" and bearer of "big economic decisions".

Addressing the joint session of Parliament, Murmu also said the upcoming Budget will reflect the government's "futuristic vision".

Murmu said, "The upcoming Budget will be documentation of the government's futuristic vision. This budget will have big economic and social decisions as well as historic steps. The pace of reform will be increased for the rapid development of India."

"There should be a healthy competition between states to attract global investment. This is the true spirit of competitive and cooperative federalism," she added.

The President also hailed the government for advancing the country's economy from 11th to 5th position in the world.

She also referred to the government's mission to make India the third largest economy in the world soon.

"The 'Reform, Perform, Transform' mission has led India to become the fastest growing economy in the world. India has advanced from 11th to 5th largest economy in the world in the last 10 years," Murmu said.

She added, "There has been a growth of 8 percent from 2021 to 2024 even after going through the pandemic and several conflicts across the world."

This has remained Murmu's first address to Parliament after the Bharatiya Janata Party (BJP)-led National Democratic Alliance returned to power for the third consecutive term.

The Union Budget 2024 will be presented by Finance Minister Nirmala Sitharaman on July 22.