BRICS summit: Indian economy expected to grow at 7.5 percent: PM Modi
BRICS Summit 2022: Prime Minister Narendra Modi attended the BRICS summit on Thursday. The meeting organized by China was conducted in virtual medium. The meeting was attended by Prime Minister Narendra Modi, Chinese President Xi Jinping, Russian President Vladimir Putin, South African President Ramaphosa and Brazilian President Bolsonaro. The conference is being held against the backdrop of geopolitical instability caused by Russia’s invasion of Ukraine. On this occasion, in his speech, Prime Minister Modi said, ‘On the occasion of International Yoga Day, I congratulate all of you for the wonderful programs organized in all the BRICS countries.
impact of covid on the global economy
Speaking on the occasion, Prime Minister Modi said that today for the third consecutive year, we are facing the challenges of COVID pandemic virtually. Although the incidence of global pandemic is lower than before, many of its adverse effects are still being felt in the global economy. Prime Minister Modi further said that the views of the BRICS member countries on the global economy are very similar. Therefore, given the global situation, our mutual cooperation has proved to be very useful. The Prime Minister said that over the years, we have made many institutional reforms in the politics of the BRICS countries. Due to which the effectiveness of this organization has increased. Our New Development Bank membership has grown rapidly. it’s pleasure. There are many areas where our mutual cooperation is directly benefiting the lives of citizens.
What did PM Modi say about New India?
Referring to the Indian economy, the Prime Minister said that by 2025, the value of the Indian digital economy will reach one trillion US dollars. India has an opportunity to invest ₹1.5 trillion in its national infrastructure. The Indian economy is expected to grow at 7.5 per cent this year. Referring to New India, the Prime Minister said, “New India is passing through a phase of radical change in every field.” We support innovation in every field. Our mutual cooperation can make a useful contribution to the improvement of the post-COVID-19 world order. We have made structural changes in BRICS over the years. As a result, the influence of this organization has increased. It is a matter of happiness that the membership of New Development Bank of BRICS has increased.