On Tuesday, at the BRICS Business Forum Leaders’ Dialogue in Johannesburg, Indian PM Narendra Modi said, “There is no doubt that in the coming years, India will be the growth engine of the world.”
Modi participated in the dialogue on the first day of his visit to South Africa after receiving a warm welcome from the Indian community in the country.
India to Become a $5 Trillion Economy
The Indian PM attended the BRICS Leaders retreat on the first day of his visit, and is scheduled to attend the BRICS Summit and conduct several bilateral meetings with global leaders on the second day.
Modi said that despite turbulence in the global economy, India is currently the fastest-growing major economy in the world.
He stressed, “Soon, India will become a $5 trillion economy.”
BRICS Business Forum gave me an opportunity to highlight India’s growth trajectory and the steps taken to boost ‘Ease of Doing Business’ and public service delivery. Also emphasised on India’s strides in digital payments, infrastructure creation, the world of StartUps and more. pic.twitter.com/cDBIg2Zfdu
— Narendra Modi (@narendramodi) August 22, 2023
The Indian PM said that India has transformed times of adversity into an opportunity for economic reforms. He highlighted that the country has undertaken several reforms in the past few years in mission mode.
“The people of India have pledged to build a developed nation by 2047,” Modi remarked.
UPI and BRICS Countries
The Indian PM highlighted the various reforms being undertaken by India to improve the ease of doing business, including technology-based solutions to address the social and economic challenges.
Modi noted the popularity of the Unified Payments Interface (UPI) in the country and said that UAE, Singapore, and France are also joining the platform.
He underscored that there are numerous possibilities to work with the BRICS countries on this front.
Furthermore, he underlined the financial inclusion in the country, saying that rural women have benefited the most from it.
Threefold Increase in People’s Incomes
Modi said that India has opened up the domains of defence and space for the private sector.
The Indian PM claimed that there has been a threefold increase in people’s incomes over the past nine years.
Sharing my remarks at the BRICS Business Forum in Johannesburg. https://t.co/oooxofDvrv
— Narendra Modi (@narendramodi) August 22, 2023
Modi said that India has allocated around $120 billion for infrastructure. “Through this investment, we are laying a strong foundation for a new India of the future,” he said.
He further outlined the steps India took in the field of renewable energy and said that India is one of the world leaders in this sector.
Role of BRICS Countries in Global South
The Indian PM stated that at the inception of BRICS in 2009, the world was coming out of a major economic crisis.
He said, “At that time, BRICS was seen as a ray of hope for the global economy.” He underlined that as the world grapples with economic challenges amid COVID-19, tensions, and conflicts, “BRICS nations once again have a significant role to play.”
Additionally, Modi invited BRICS business leaders to participate in India’s developmental journey.
He said, “By combining each other’s strengths, we can contribute significantly to the well-being of the entire world, especially the Global South.”