India Will Be A 5 Trillion Dollar Economy Soon: PM Modi At BRICS

Prime Minister Narendra Modi on Tuesday said India will soon become a 5 trillion dollar economy while expressing confidence that the country will be the growth engine of the world.

PM Modi emphasized that the implementation of "mission-mode" reforms has significantly enhanced the business-friendly environment in India. He extended an invitation to businesses to actively join and contribute to the nation's journey of development.

While mentioning about the strides made by India on the digital payments front, PM Modi said there are many possibilities for using the Unified Payments Interface (UPI) for BRICS. He also said that Brazil, Russia, India, China and South Africa (BRICS) together can contribute significantly to global welfare, particularly of the Global South.

He said that despite the turmoil in the global economy, India today is the fastest-growing major economy in the world. "Soon, India will become a USD 5 trillion economy. There is no doubt that India will be the growth engine of the world in the years to come," Modi said and added that the country converted disasters and hardships into opportunities for economic recovery.

"The reforms that we have done in the mission mode in the last few years have resulted in continuous improvement in the ease of doing business in India," he said.

He said that India will be the growth engine of the world. "It's because India turned calamity and tough times into economic reforms. In the last few years, the ease of doing business in India has improved due to the work done in the mission mode...We have focused on public service delivery and good governance...Today in India UPI is used at all levels...Today among all countries in the world, India is the country with the highest digital transaction," PM Modi stated.

Leaders of BRICS Countries Brazil, Russia, India, China, and South Africa were also present at the Business Forum.

The Indian Prime Minister arrived in South Africa earlier today, where he will attend the 15th BRICS Summit in Johannesburg from August 22-24 at the invitation of the country's president Matamela Cyril Ramaphosa.

"Investor confidence has increased after the implementation of GST and Insolvency and Bankruptcy code in India. Defence and Space sectors opened for the private sector...With the use of technology, we have taken a leap in financial inclusion...Today, UPI is being used by street vendors to those shopping malls...We are actively taking steps to make India a manufacturing hub in the areas of solar energy, wind energy, electric vehicles and green hydrogen," he added.

BRICS is a grouping of the world economies of Brazil, Russia, India, China, and South Africa. It is PM Modi's third visit to South Africa and this trip marks the 30th anniversary of the diplomatic relationship between India and South Africa.

The theme of this year's summit is: "BRICS and Africa: Partnership for mutually accelerated growth, sustainable development and inclusive multilateralism." This will be the first in-person BRICS Summit after three consecutive years of virtual meetings owing to the Covid-19 pandemic.