Prime Minister Narendra Modi says India will be growth engine for global economy in coming years
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Addressing the BRICS Business Forum Leaders’ Dialogue, Modi said the mission-mode reforms have improved the ease of doing business in India. He invited the industrialists to be a part of the country’s development journey. Referring to India’s progress on the digital transactions front, he said there is immense potential for BRICS to use the Unified Payments Interface (UPI). He said that together Brazil, Russia, India, China and South Africa (BRICS) can make a significant contribution to global welfare, especially in the ‘Global South’.
engine of growth
This is the first BRICS summit after 2019 in which all the leaders are attending in person. Modi said that soon India will become a five trillion dollar economy. There is no doubt that India will become the engine of growth for the whole world in the years to come. He said that the country has turned calamities and difficulties into opportunities for economic reform. The mission-driven reforms we have undertaken over the past few years have improved the ease of doing business in India. Emphasizing on other reforms, including technology-based solutions to deal with social and economic challenges, Modi said that India is now laying the red carpet by removing red tape.
The Prime Minister said that investor confidence has increased due to the implementation of GST and the Insolvency and Bankruptcy Code. He said that the people of India have resolved to become a developed nation by 2047. Inviting businessmen to join India’s development journey, Modi said India has opened up sectors like defense and space for private investment and manufacturing is becoming more competitive due to reduction in logistics costs. He said that his government is taking steps to make India a global manufacturing hub in areas like solar power, wind power, electric vehicles, green hydrogen, green ammonia.
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Many countries are adopting UPI
It is obvious that this will generate a huge market for renewable technologies in India, he said. India has taken a big step towards financial inclusion by using technology and rural women have benefited the most from it. Direct Benefit Transfers (DBT) of over $360 billion have been generated, increasing transparency in service delivery and reducing corruption and middlemen. Referring to the UPI platform, he said that it is used in India from street vendors to big shopping malls.
Modi said countries like UAE, Singapore and France are joining the UPI platform and there is immense scope to work with BRICS countries as well. The PM said massive investments are being made in infrastructure which will lay a strong foundation for the New India of the future. He said that India has the third largest startup ecosystem in the world and has more than 100 unicorns.
(with input from language)
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