Addressing the BRICS Business Forum in South Africa's Johannesburg, Prime Minister Narendra Modi on Tuesday said that India was the fastest-growing major economy in the world and asserted that the nation will become the "growth engine" of the world in coming years.
"Despite volatility in the global economy India is the world's fastest growing major economy. Very soon, India will become a five trillion doillar economy. There is no doubt that in the coming years India will become the growth engine of the world and the reason for this is that India has converted crises and difficulties into opportunities for economic improvement," he said at the BRICS Business Forum.
Asserting that India is among the world leaders in the area of renewable energy, the Prime Minister said that active steps are being taken to make the country a global manufacturing hub in areas of solar energy, wind energy, electric vehicles, green hydrogen and green ammonia. He also said that the importance of resilient and inclusive supply chains was highlighted by the COVID-19 pandemic and asserted the role of mutual trust and transparency to achieve this outcome.
"India has the world's third largest startup ecosystem. There are over 100 unicorns in India currently in areas of IT, Telecom, Fintech, AI and semiconductors. We are moving forward with the vision of 'Make in India, Make for the world'. These actions will have a positive impact in the lives of common people," further said PM Modi.
He also said that India has carried out reforms in mission mode that have helped the country's Ease of Doing Business and asserted that the investor confidence in India has increased due to the implementation of Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code.
"Areas such as defense and space that were considered restricted have been opened up for the private sector. We have paid special focus on public service delivery and good governance. By levaraging technology, India has taken a massive leap towards financial inclusion," he said at the forum.
The Prime Minister mentioned that millions of people can now avail direct benefit transfers with the help of a single click, particularly helping women in rural India. "So far, more than 360 billion dollars on such transfers have been spent. This has led to increased transparency and service delivery, and reduced corruption and middlemen. India also has the cheapest per gigabyte cost."
"Today, in India, from street vendors to big shopping malls, everybody uses UPI. India is the country with the highest amount of digital transactions in the world. Countries like UAE, Singapore and France are also joining this platform. There are several possibilities of working on this platforms with BRICS countries as well," he added.
In his remarks, PM Modi also lauded the BRICS Business Forum, saying that it has played a vital role in enhancing economic cooperation. "In 2009, when the first BRICS summit was held, the world was coming out of a massive financial crisis. At that time, BRICS emerged as a ray of hope for the global economy," he said.
The PM also noted that the role of BRICS countries is important amid disputes, tensions and the aftermath of the COVID-19 pandemic. He stressed that BRICS member-countries can collectively contribute in a significant manner to global welfare, particularly the Global South.
The much-anticipated 15th meeting of the BRICS countries will be held from August 22 to 24. This will be the first in-person BRICS Summit since 2019. The Summit will provide an opportunity to review the progress of the initiatives launched by the grouping and identify future areas of activity.
During his visit, PM Modi will also participate in the BRICS–Africa Outreach and BRICS Plus Dialogue event that will be held as part of the BRICS Summit activities.
He will also hold bilateral meetings with some of the leaders present in Johannesburg. Notably, the crucial meeting will be held nearly two weeks before Chinese President Xi Jinping is likely to visit New Delhi for the G20 Summit. However, neither of the sides confirmed whether the leaders of India and China will hold bilateral meetings in Johannesburg.
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