Prime Minister Narendra Modi on Tuesday said India will soon become a 5 trillion dollar economy.
“Despite turbulence in global economic situation, India is the fastest-growing major economy in the world. Soon, India will be a 5 trillion dollar economy”, PM Modi said at BRICS Business Forum Leaders’ Dialogue in Johannesburg, South Africa.
“There is no doubt that India will become the growth engine for world in coming years”, the prime minister said, while recalling reforms undertaken by his government in the past nine years.
“This is because India turned pandemic into an opportunity to carry out economic reforms. Through our reforms in mission mode, the ease of business has improved in India”, Modi said.
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“We have reduced compliance burden, replaced red tape with red carpet and boosted investors’ confidence by implementing GST along with Insolvency and Bankruptcy Code”, the prime minister told the gathering.
The prime minister said the government had opened defence and space sectors for private players, and added that there is major focus on public service delivery and good governance.
“With the help of technology, India has leaped forward in the field of financial inclusion. The rural women have been the biggest beneficiaries. With a single click, crores of people in India are benefitting from direct transfer benefit, which total more than $360 billion”, the prime minister said.
“It has enhanced transparency in service delivery, thereby reducing corruption and the role of middlemen”, he added.
Referring to global challenges in wake of Covid-19 pandemic, PM Modi said the role of BRICS nations is crucial.
He told the gathering that India has the world’s third-largest startup ecosystem and there are over 100 unicorns in the country.
Modi is on a visit to South Africa, which is hosting the first in-person summit of BRICS comprising Brazil, Russia, India, China, and South Africa, since 2019.