On Tuesday, Prime Minister Narendra Modi predicted that India’s economy will soon reach $5 trillion. “Despite turbulence in global economic situation, India is the fastest-growing major economy in the world. Soon, India will be a 5 trillion dollar economy”, PM Modi stated at BRICS Business Forum Leaders’ Dialogue held in Johannesburg, South Africa.
“There is no doubt that India will become the growth engine for world in coming years”, the prime minister added.
“This is because India turned pandemic into an opportunity to carry out economic reforms. Through our reforms in mission mode, the ease of business has improved in India”, Modi added.
“We have reduced compliance burden, replaced red tape with red carpet and boosted investors’ confidence by implementing GST along with Insolvency and Bankruptcy Code”, the prime minister stated while addressing the gathering.
The delivery of public services and good governance are given top priority, the prime minister said, adding that the government has opened the defence and space sectors to private actors.
“With the help of technology, India has leaped forward in the field of financial inclusion. The rural women have been the biggest beneficiaries. With a single click, crores of people in India are benefitting from direct transfer benefit, which total more than $360 billion”, the prime minister averred.
“It has enhanced transparency in service delivery, thereby reducing corruption and the role of middlemen”, he further added.
Following the Covid-19 epidemic, PM Modi spoke about the issues facing the world and emphasised the importance of the BRICS countries.
He informed the audience that India has the third-largest startup ecosystem in the world and that there are more than 100 unicorns there.
Modi is now in South Africa, which is hosting the first BRICS conference in person since 2019. The BRICS nations are Brazil, Russia, India, China, and South Africa.
