Johannesburg, August 22 (PTI): Prime Minister Narendra Modi stated on Tuesday that India will soon become a five trillion-dollar economy and serve as the engine of global growth in the coming years.
Modi addressed the BRICS Business Forum Leaders’ Dialogue here, emphasizing that ‘Mission Mode’ reforms have improved ease of doing business in India. He invited business leaders to be part of India’s development journey.
Discussing the progress of digital payments, he mentioned the potential of using the ‘Unified Payments Interface’ (UPI) for BRICS.
He emphasized that BRICS countries – Brazil, Russia, India, China, and South Africa – together can make a significant contribution to global well-being, especially in the ‘Global South.’
Prime Minister Modi is currently on a trip to South Africa to participate in the BRICS summit. This year’s BRICS summit is the first of its kind since 2019, where all leaders are attending in person.
He stated, “India will soon become a five trillion-dollar economy. There is no doubt that India will be the engine of global growth in the coming years.”
He mentioned how India has transformed challenges and difficulties into opportunities for economic reform.
He said, “The reforms we have undertaken in the last few years, in a ‘Mission Mode,’ have improved the business environment in India.”
Inviting entrepreneurs to be a part of India’s development journey, Modi stated that India has opened up sectors like defense and space for private investment. Competition is increasing in the manufacturing sector due to reduced costs.
He noted that India is working to create a global manufacturing hub in areas such as solar energy, wind energy, electric vehicles, and green hydrogen.
He said, “It is evident that this will create a large market for technological innovation in India.”
Modi highlighted the use of technology in bringing financial inclusion and transparency. Over 360 billion dollars have been transferred directly to beneficiaries, leading to increased transparency and reduced corruption.
Referring to the UPI platform, he mentioned its widespread use, from street vendors to large shopping malls in India.
He stated that countries like the United Arab Emirates, Singapore, and France are joining the UPI platform, and there are ample opportunities to collaborate with BRICS nations.
He said, “Significant investments are being made in fundamental infrastructure that will lay the strong foundation of New India in the future.”