India is poised to become the fastest growing large economy this year: President

"This year, with an estimated growth rate of 7.3 percent, India is poised to become the fastest growing large economy," Mukherjee said in his address.

He called 2015 as an year of challenge.

"Year 2015 has been a year of challenges; during this year, the global economy remained subdued," he said.

"In such troubled environment, no one nation could be an oasis of growth..India’s economy also had to face the blowback," the President said.

He said unusual weather conditions had an impact on the country's agricultural production.

"India is building and implementing strategies to solve these problems," Mukherjee said.

He said the country should guard itself from the forces of violence and intolerance.

"We must guard ourselves against the forces of violence, intolerance and unreason," Mukherjee said.

Hinting at the Parliament deadlock last session, Mukherjee said :"Delays in decision-making and implementation can only harm the process of development."

Speaking on the issue of terrorism, Mukherjee said: "The scourge of terrorism has reshaped war into its most barbaric manifestation."

"No corner can now consider itself safe from this savage monster," he said.