Indian Prime Minister Narendra Modi expressed optimism about India’s economic trajectory, emphasizing that despite global economic turbulence, India remains the fastest-growing major economy. Speaking at the BRICS Business Forum Leaders’ Dialogue in Johannesburg, South Africa, Modi projected that India would soon achieve the milestone of becoming a 5 trillion dollar economy.
Modi credited India’s resilience during the pandemic for catalyzing economic reforms, which he described as having enhanced the ease of doing business within the country.
He highlighted key measures such as the implementation of the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code, which boosted investor confidence. Additionally, Modi pointed out that the government’s efforts extended to opening up the defense and space sectors to private players, while maintaining a focus on public service delivery and good governance.
The Prime Minister underscored the role of technology in driving financial inclusion and transparent service delivery. He cited the successful implementation of direct transfer benefits, which have exceeded $360 billion and have streamlined service provision while reducing corruption.
Addressing the global challenges stemming from the COVID-19 pandemic, Modi stressed the significance of BRICS nations in addressing these issues collaboratively. He proudly noted India’s position as the world’s third-largest startup ecosystem, boasting a robust community of over 100 unicorns.