PM Modi mentioned significant reforms, including GST implementation and the Insolvency and Bankruptcy Code, which boosted investor confidence. He also highlighted opening the defence and space sectors to private players, focusing on public service delivery, and leveraging technology for financial inclusion.
Prime Minister Narendra Modi on Tuesday asserted that India is poised to become the global growth engine in the upcoming years. Speaking at the BRICS Business Forum Leaders' Dialogue, Prime Minister Modi emphasized India's rapid growth and its trajectory towards becoming a 5 trillion dollar economy despite global economic turbulence. Speaking at the BRICS Business Forum Leaders' Dialogue in Johannesburg, South Africa, PM Modi highlighted India's status as the fastest-growing major economy globally and its potential to drive global growth.
"In the last ten years, the BRICS Business Council has played a very important role in enhancing our economic cooperation. When the first BRICS summit was held in 2009, the world was coming out of a major economic crisis. At that time, BRICS emerged as a ray of hope for the global economy," he said.
"Even at present, the world is grappling with economic challenges amid the Covid pandemic, tensions and disputes. At such a time, the BRICS countries once again have an important role to play. Despite the turmoil in the global economy, India today is the fastest-growing major economy in the world. Soon, India will become a five trillion dollar economy," he said.
He attributed this growth to India's proactive response to the pandemic, which led to economic reforms and improved ease of doing business.
PM Modi mentioned significant reforms, including GST implementation and the Insolvency and Bankruptcy Code, which boosted investor confidence. He also highlighted opening the defence and space sectors to private players, focusing on public service delivery, and leveraging technology for financial inclusion.
"There is no doubt that India will be the growth engine of the world in the years to come. This is because India converted times of disaster and hardship into opportunities for economic recovery. The reforms that we have done in the mission mode in the last few years have resulted in a continuous increase in the ease of doing business in India," PM Modi said.
"We have reduced the compliance burden. We are rolling out the red carpet by removing the red tape. Investor confidence has increased due to the implementation of the GST and the Insolvency and Bankruptcy Code. Sectors like defence and space, which were considered restricted, have been opened up to the private sector today. We have especially focused on public service delivery and good governance. With the use of technology, India has taken a giant leap towards financial inclusion," PM Modi added.
Referring to the role of BRICS nations in addressing global challenges posed by the pandemic, PM Modi pointed out India's strong startup ecosystem and its more than 100 unicorns.
"There are many possibilities of working on this with BRICS countries as well. The scenario of the country is changing due to large-scale investment in India's infrastructure. In this year's budget, we have made a provision of about $120 billion for infrastructure. Through this investment, we are laying a strong foundation for a new India of the future. To promote investment and production, we have implemented a Production Linked Incentives scheme. India's manufacturing sector is becoming competitive due to a reduction in logistics costs.
Currently, on a visit to South Africa, PM Modi is participating in the in-person BRICS summit, the first since 2019, where member nations including Brazil, Russia, India, China, and South Africa convene. He noted that India's engagement in the BRICS summit reflects the importance of these nations in shaping the global landscape.
