Addressing the Business Forum Leaders’ Dialogue in Johannesburg, South Africa, Prime Minister Narendra Modi on Tuesday asserted that India is the fastest-growing major economy in the world and that it will soon become a $5 trillion economy. "There is 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 crises and difficulties into opportunities for economic improvement," he said.
His remarks came ahead of the 15th BRICS Summit that is scheduled for August 22 to 24. This is the first BRICS Summit since 2019 due to the COVID-19 pandemic. The Summit will provide an opportunity to review the progress of the initiatives launched by the grouping and identify future areas of activity.
Here are top quotes from PM Modi's address from the BRICS Business Forum
- In his opening remarks, PM Modi said, "In the last 10 years, the BRICS Business Council has played a vital role in enhancing our 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."
- "Despite volatility in the global economy, India is the world's fastest growing major economy. Very soon. India will become a $5 trillion economy," he stressed.
- The Prime Minister also said, "In the last few years we have carried out reforms in mission mode and these reforms have helped in continuously improving Ease of Doing Business in India."
- "There has been a boost in investor confidence due to introduction of GST and the implementation of 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," said PM Modi during the forum.
- He also highlighted India's track record of direct benefit transfers. "Today, with a single click, millions of people in India can avail direct benefit transfers. So far, more than $360 billion on such transfers have been spent. This has increased transparency and service delivery, and reduced corruption and middlemen."
- The Indian Prime Minister also noted the growing number of digital transactions across the country. "In India, from street vendors to big shopping malls, everyone uses UPI. Today, 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."
- "Rapid changes are coming into effect in all areas including railways, roads, waterways and airways. New highways are being constructed at the speed of 10,000 kilometres per year," PM Modi mentioned during his address.
- Speaking on renewable energy, the PM said, "India is among the world leaders in the area of renewable energy. We are taking active steps in making India a global manufacturing hub in areas of solar energy, wind energy, electric vehicles, green hydrogen and green ammonia."
- "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'," he further said.
- "The people of India have taken a pledge to make it a developed nation by 2047... The COVID-19 pandemic has taught us the importance of resilient and inclusive supply chains. For this, mutual trust and transparency are very important. By combining each other's strengths, we can make a significant contribution to the welfare of the world, especially the Global South," PM Modi said in his concluding remarks.
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.
ALSO READ | India is fastest-growing major economy in world: PM Narendra Modi at BRICS Business Forum in Johannesburg
