PM Modi invites Brics biz leaders to participate in India’s growth journey

Prime Minister Narendra Modi on Tuesday said that India will become the growth engine for the world in the coming years as it continues to be the fastest-growing major economy. 

Speaking at the BRICS Business Forum Leaders’ Dialogue in Johannesburg, Modi emphasized India’s robust economic growth, its role as a driving force within Brics, and its contributions to global economic cooperation.

“Despite the turmoil in the global economy, India is currently the fastest-growing major economy in the world. Soon, India will become a five trillion-dollar economy. There is no doubt that in the coming years, India will be the growth engine of the world,” he said.

Hailing the reforms undertaken by his government, the prime minister said, “India has transformed times of adversity and challenges into an opportunity for economic reforms. In the past few years, the reforms we have undertaken in mission mode have led to consistent improvement in the ease of doing business in India. We have reduced the compliance burden. We are replacing red tape with a red carpet.”

He cited improvements in the ease of doing business, the implementation of GST (Goods and Services Tax), and the Insolvency and Bankruptcy Code as instrumental in boosting investor confidence.

Highlighting India’s technological advancements, prime minister Modi mentioned the significant leap in financial inclusion driven by technology. He emphasized the role of Direct Benefit Transfers in enhancing transparency, reducing corruption, and simplifying service delivery. Over $360 billion worth of transfers have been made so far, he said. 

Furthermore, he noted India’s significant strides in digital transactions through platforms like the Unified Payments Interface (UPI). India now boasts the world’s highest number of digital transactions, he said. 

The prime minister acknowledged the scale of investments transforming India’s infrastructure landscape, with over $120 billion allocated in the recent budget. 

“Through this investment, we are laying a strong foundation for a new India of the future. Transformations are taking place rapidly in rail, road, waterways, and airways. New highways are being built in India at a pace of ten thousand kilometers per year. The number of airports has doubled in the last nine years,” he said. 

The prime minister also emphasized India’s commitment to renewable energy and its ambition to become a global manufacturing hub for renewable technologies. 

“In the field of renewable energy, India is one of the world leaders. We are actively taking steps to make India a global manufacturing hub in sectors such as solar energy, wind energy, electric vehicles, green hydrogen, and green ammonia. It is natural that this will create a substantial market for renewable technology in India,” he said.

Giving a shout out to India’s startup ecosystem, Modi said the country is now home to over a hundred unicorns, propelling various sectors towards global prominence.

In his speech, Modi extended an invitation to global leaders to participate in India’s developmental journey. He underlined the importance of resilient and inclusive supply chains, emphasizing mutual trust and transparency as essential for global economic cooperation.

Modi touched down in South Africa on Tuesday to participate in the 15th BRICS Summit in Johannesburg from 22-24 August at the invitation of the country’s President Matamela Cyril Ramaphosa. This is the first in-person BRICS Summit after three consecutive years of virtual meetings because of the Covid-19 pandemic. In his speech, Prime minister Modi also thanked President Ramaphosa for his invitation and the organization of the event. 

BRICS is a group of five nations – Brazil, Russia, India, China and South Africa – and represents 41 percent of the global population, 24 percent of the global GDP and 16 percent of the global trade.

Reflecting on the inception of BRICS amidst the 2009 global economic crisis, prime minister Modi described the group as a beacon of hope for the world economy at that time. He highlighted that even in the current landscape marred by the COVID-19 pandemic, tensions, and economic challenges, the BRICS nations continue to hold a significant role in driving global economic recovery and cooperation.