Modi At BRICS Summit
India will soon have a $5 trillion economy, according to Prime Minister Narendra Modi, who also predicted that in the coming years it will take the lead as the global development engine. In his remarks at the BRICS Business Forum Leaders’ Dialogue, Modi emphasized how “mission-mode” changes had made doing business in India easier and welcomed companies to participate in the nation’s development.
While mentioning the strides made by India on the digital payments front, Modi said there are many possibilities for using the Unified Payments Interface (UPI) for BRICS.
He also said that Brazil, Russia, India, China and South Africa (BRICS) together can contribute significantly to global welfare, particularly in the Global South.
The prime minister, who is in South Africa to participate in the first in-person summit of BRICS nations since 2019, told the gathering that despite the turmoil in the global economy, India today is the fastest-growing major economy in the world.
“Soon, India will become a USD 5 trillion economy. There is no doubt that India will be the growth engine of the world in the years to come,” Modi said and added that the country converted disasters and hardships into opportunities for economic recovery.
“The reforms that we have done in the mission mode in the last few years have resulted in continuous improvement in the ease of doing business in India,” he said.
Highlighting the reforms undertaken, including technology-based solutions to address the social and economic challenges, as well as the efforts to reduce the compliance burden, Modi said India is now rolling out the red carpet by removing the red tape.
Investor confidence has increased due to the implementation of Goods and Services Tax (GST), and the Insolvency and Bankruptcy Code, the prime minister said and asserted that the people of India have taken a pledge to become a developed nation by 2047.
Inviting businesses to join India’s development journey, Modi said New Delhi has opened up sectors like defence and space for private investments, and that manufacturing sector is becoming competitive due to reduction in logistics cost.
Further, the prime minister said his government is taking steps to make India a global manufacturing hub in areas like solar energy, wind energy, electric vehicles, green hydrogen, green ammonia.
“It is natural that this will create a big market for renewable technology in India,” he said.
With the use of technology, Modi said India has taken a giant leap towards financial inclusion, and rural women have benefited the most.
More than USD 360 billion in Direct Benefit Transfers (DBT) have been made, decreasing corruption and middlemen while increasing service delivery transparency, the official claimed.
Modi said that the UPI (Unified Payments Interface) platform is used in India by everyone from small street vendors to large malls.
According to Modi, there are many opportunities to collaborate on this with the BRICS nations as well as nations like the UAE, Singapore, and France joining the UPI platform.
Infrastructure that will serve as a solid basis for a future India is receiving significant investment.
