- Sunday, April 28, 2024
The Indian PM said that India will soon become a $5 trillion economy and become the world’s growth engine.
By: Shubham Ghosh
INDIAN prime minister Narendra Modi on Tuesday (22) said while speaking at the BRICS Business Forum Leaders’ Dialogue in Johannesburg in South Africa where he has gone to take part in the BRICS summit that the south Asian nation is set to emerge as the world’s growth engine in the coming years.
Highlighting the economic reforms and technological leap undertaken by India, Modi said the people of the country have taken a resolved to make it into a developed one by 2047. India will observe the centenary of its independence that year.
The Indian prime minister also congratulated the BRICS Business Council for completing a decade and said it played a key role in enhancing the grouping’s economic cooperation.
“Many many congratulations and best wishes to the BRICS Business Council on its 10th anniversary. In the last 10 years, the BRICS Business Council has played a very vital role in enhancing our economic cooperation. When the first BRICS summit was held in 2009, the world was coming out of a massive financial crisis. At that time BRICS emerged as a ray of hope for the global economy,” Modi said.
“In the present time also amongst the Covid pandemic tensions and disputes the world is dealing with e-economic challenges. In such times once again the role of BRICS countries is important,” he added.
Modi also said that India will soon become a $5 trillion economy and become the world’s growth engine.
“Despite the turmoil in the global economy, India today is the fastest-growing major economy in the world. Very soon India will become a five trillion dollar economy. There is absolutely no doubt that in the coming years, India will be the growth engine of the world and the reason for this is that India has converted crisis and difficulties into opportunities for economic improvements. The people of India have resolve to become a developed nation by 2047,” he said.
Modi also said that India has carried out reforms and mission modes in the last few years that have helped improve doing business on its soil. He said the country has reduced compliance burden and removed red tape and the investors’ confidence has received a boost due to introduction of the Goods and Services Tax and implementation of insolvency.
He said more focus has been put on public service delivery and good governance.
He further mentioned that more than $360 billion in transfers have been made by direct benefit transfer.
“Today in one click millions of people in India get direct benefit transfers. This has increased transparency in service delivery, reduced corruption and middlemen. India is among the most economical countries in terms of cost per gigabyte of data. Today in India UPI (Unified Payments Interface) is used at all levels from street vendors to large shopping malls.
“Today among all countries in the world, India is the country with the highest digital transaction. Countries like UAE, Singapore, and France are joining this platform. There are many possibilities of working on this with BRICS countries as well,” he added.
Speaking on India’s changing infrastructure, Modi said, “In this year’s budget, we have kept a provision of about USD 120 billion for infrastructure. By way of this investment, we are laying a strong foundation for a new India of the future. Rapid changes are coming into effect in all areas of rail, water, infrastructure and airways.”
He further said that today, new highways are being constructed in India at a speed of 10,000 kilometres per year. The number of airports has doubled in the last nine years.
“India’s manufacturing sector is becoming competitive due to reduction in logistics cost. India is one of the world leaders in the field of Renewable Energy. We are making active steps to make India a global manufacturing hub in areas like solar energy, wind energy, electric vehicles, green hydrogen, green ammonia,” he said.
Naturally, this will create a big market for renewable technology in India. Today, India has the third-largest start-up ecosystem in the world. There are currently more than a hundred unicorns in India, he said.
Emphasising on the vision of ‘Make in India, Make for the World’, Modi said that India is moving forward in sectors such as IT, telecom, fintech, artificial intelligence and semiconductors.
