“PM Modi Asserts India’s Journey Towards Becoming a $5 Trillion Economy at BRICS Business Forum”
Prime Minister Narendra Modi envisions India as a $5 trillion economy, highlighting growth and reforms during the BRICS Business Forum in Johannesburg, South Africa. He emphasizes technology-driven financial inclusion and India’s role as a global growth engine.
Prime Minister Narendra Modi addressed the BRICS Business Forum Leaders’ Dialogue in Johannesburg, South Africa, on Tuesday, projecting India’s economic trajectory as a $5 trillion economy and a key growth engine on the global stage. Amidst the challenges posed by the turbulent global economic situation, PM Modi’s speech highlighted India’s resilience and reforms that have enabled it to maintain its status as the fastest-growing major economy in the world.
With unwavering confidence, the Prime Minister stated, “Soon, India will be a 5 trillion dollar economy.” Modi emphasized India’s remarkable ability to turn adversity into opportunity, leveraging the pandemic to drive comprehensive economic reforms. He highlighted the success of these reforms, stating that India’s ease of business had improved significantly. He attributed this progress to the reduction of compliance burdens, replacing bureaucracy with efficiency through initiatives like the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code.
Addressing the role of technology in economic growth, Modi pointed to India’s leap forward in the field of financial inclusion. The Prime Minister highlighted how millions of rural women have benefited from technology-driven initiatives that enable direct transfer benefits, amounting to over $360 billion. This digital approach has not only improved transparency in service delivery but also reduced corruption and intermediaries’ influence.
Modi’s speech underscored the importance of India’s private sector engagement, particularly in sectors like defense and space. He noted that the government’s efforts to attract private players have led to increased investor confidence. Additionally, the Prime Minister expressed pride in India’s booming startup ecosystem, boasting over 100 unicorns.
Recognizing the global challenges brought about by the Covid-19 pandemic, PM Modi emphasized the crucial role of BRICS nations in navigating these uncertain times. He painted a picture of India as a nation ready to lead in global recovery and economic rejuvenation.
The BRICS Summit, hosting leaders from Brazil, Russia, India, China, and South Africa, marks the first in-person gathering of its kind since 2019. PM Modi’s participation in this summit reinforces India’s commitment to multilateral cooperation and economic growth.
As the world watches India’s economic progress, the Prime Minister’s vision of a $5 trillion economy and a global growth engine carries significant weight, both within the BRICS framework and in the broader context of global economic dynamics.
Sources By Agencies
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