At BRICS Business Forum Meet, PM Modi Highlights India's Development Journey In Past Nine Years; Here's What He Said

Prime Minister Narendra Modi on Wednesday (22 August) said that India is on the path to become a five trillion dollars economy soon.

Speaking at the BRICS Business Forum Leaders' Dialogue in South Africa's Johannesburg, PM Modi highlighted the various reforms being undertaken by India to improve the ease of doing business, including technology-based solutions to address the social and economic challenges.

He also invited invited BRICS business leaders to participate in India’s developmental journey.

"Despite the turmoil in the global economy, India is currently the fastest-growing major economy in the world. Soon, India will become a five trillion-dollar economy," PM Modi said.

"There is no doubt that in the coming years, India will be the Growth Engine of the world. This is because India has transformed times of adversity and challenges into an opportunity for economic reforms," he added.

In the past few years, the reforms we have undertaken in mission mode have led to consistent improvement in the ease of doing business in India, he said.

PM Modi said that his government has reduced the compliance burden and replaced "red tape with a red carpet".

The implementation of GST (Goods and Services Tax) and the Insolvency and Bankruptcy Code has boosted investor confidence, he said.

Further, PM Modi noted that sectors such as defence and space, which were previously restricted, have now been opened up for the private sector.

PM Modi also highlighted the government's particular focus on public service delivery and good governance.

He added that India has made a significant leap in financial inclusion through the use of technology and it has immensely benefitted the rural women of the country.

"Today, millions of people in India receive Direct Benefit Transfers with just a click. Over 360 billion dollars worth of such transfers have been made so far. This has increased transparency in service delivery, reduced corruption, and minimised middlemen," PM Modi said.

He noted that India has the most affordable per gigabyte data prices.

"Today, from street vendors to large shopping malls, the Unified Payments Interface (UPI) is used for transactions. Today, India stands as the country with the highest number of digital transactions in the world. Countries like the UAE, Singapore, and France are also joining this platform," he said.

PM Modi noted that there are numerous possibilities to work on the digital transactions with BRICS countries as well.

"The large scale investments being made in India's infrastructure are changing the country's landscape. In this year's budget, we have allocated around $120 billion for infrastructure. Through this investment, we are laying a strong foundation for a new India of the future," he said.

"Transformations are taking place rapidly in rail, road, waterways, and airways. New highways are being built in India at a pace of ten thousand kilometers per year. The number of airports has doubled in the last 9 years," PM Modi said.

He added that the reduction in logistics costs is making India's manufacturing sector more competitive.

PM Modi added that India is one of the world leaders in the field of renewable energy.

"We are actively taking steps to make India a global manufacturing hub in sectors such as solar energy, wind energy, electric vehicles, green hydrogen, and green ammonia," he added.

Further, he highlighted that India currently has the world's third largest startup ecosystem, with more than hundred unicorns in the country.

"In sectors like IT, Telecom, FinTech, AI, and semiconductors, we are promoting the vision of "Make in India, Make for the World"," he added.

"All these efforts have had a direct positive impact on the lives of the common people. Over the past nine years, there has been a nearly threefold increase in people's incomes," PM Modi said.

He noted that women have been a significant contributor to India's economic development.

"From IT to space, banking to healthcare, women are contributing shoulder-to-shoulder with men towards the progress of the nation," he said.

"The people of India have pledged to build a developed nation by 2047," PM Modi said.

"I invite all of you to be a part of India's journey of development," PM Modi added.

The Prime Minister noted that Covid had highlighted the importance of resilient and inclusive supply chains, and emphasised the importance of mutual trust and transparency for this.

He also stressed that together BRICS can contribute significantly to global welfare, particularly of the Global South.