India to soon become $5 tn economy; be part of its journey: PM Modi at BRICS Dialogue

Prime Minister Narendra Modi, speaking at the ‘BRICS Business Forum Leaders' Dialogue, says India will become a $5 trillion economy soon and there's no doubt the country will be the growth engine of the world in the years to come.

PM Modi, who is on a four-day visit to South Africa and Greece, says India believes in ‘Make in India, Make for the World.’ "Over the last few years, we have made immense strides in IT, semiconductors, and other such futuristic sectors. Our economic vision also places immense importance on the empowerment of women."

The PM talks about "mission mode" reforms being taken to improve the “ease of doing business” in India and invites businesses to be a part of India's journey of development.

PM Modi says despite the turmoil in the global economy, India is currently the "fastest-growing major economy" in the world. He attributes this to India transforming times of "adversity" and “challenges” into an opportunity for "economic reforms".

Talking about reforms, PM Modi says the Centre has reduced the "compliance burden" and replaced "red tape with a red carpet". "The implementation of GST (Goods and Services Tax) and the Insolvency and Bankruptcy Code has boosted investor confidence. Sectors such as defense and space, which were previously restricted, have now been opened up for the private sector," the PM adds.

Talking about public service delivery and good governance initiatives of the government, the Prime Minister says today, millions of people in India receive Direct Benefit Transfers with just a click.

"Over 360 billion dollars worth of such transfers have been made so far," he says, adding that it increased "transparency" in service delivery, reduced corruption, and minimised middlemen.

The PM also talks about the unprecedented progress India made on the digital payments front, saying from street vendors to large shopping malls, the Unified Payments Interface (UPI) is used for transactions.

"Today, India stands as the country with the highest number of digital transactions in the world. Countries like the UAE, Singapore, and France are also joining this platform. There are numerous possibilities to work on this with BRICS countries as well."

He says in this year's budget, the government has allocated around 120 billion dollars for infrastructure, with which the government is laying a strong foundation for a new India of the future.

On the occasion of the 10th anniversary of the BRICS Business Council, PM Modi says the council has played a "very important role" in enhancing economic cooperation.

"When the first BRICS summit was held in 2009, the world was coming out of a major economic crisis. At that time, BRICS was seen as a ray of hope for the global economy. In the present time as well, amid the COVID pandemic, tensions, and conflicts, the world is grappling with economic challenges,” he says, adding that in such times, the BRICS nations once again have a significant role to play.