Monday , July 15 2024
Home / Business / BRICS Summit 2023: PM Modi Envisions India’s $5 Trillion Economy, Highlights at Business Forum

BRICS Summit 2023: PM Modi Envisions India’s $5 Trillion Economy, Highlights at Business Forum

BRICS Summit: PM Modi Envisions India as the Global Engine of Growth

In a significant address at the BRICS Business Forum Leaders’ Dialogue, Prime Minister Narendra Modi expressed his optimism for India’s economy, projecting it to reach an impressive five trillion dollars. He highlighted India’s potential to become the driving force behind global economic growth in the coming years. Modi commended the transformative reforms undertaken under the “Mission Mode,” which have considerably enhanced the business environment and ease of doing business in India. The Prime Minister extended an invitation to industrialists, urging them to be an integral part of the nation’s journey towards development.

Emphasizing India’s progress in the realm of digital transactions, Modi referenced the “Unified Payments Interface” (UPI) as a promising avenue for the BRICS nations. He lauded the potential of using UPI as a unified platform for digital transactions within the BRICS consortium.

Global Contributions for Post-COVID Recovery

PM Modi underscored the pivotal role that the BRICS nations—Brazil, Russia, India, China, and South Africa—can play in contributing to global welfare, particularly within the framework of the “Global South.” He acknowledged the importance of collaboration and convergence among these nations to foster worldwide well-being. Attending the BRICS Summit in South Africa, Modi stressed the significance of the event as it brought together all member nation leaders on a personal level.

India: An Engine of Global Development

“India will soon achieve an economy worth five trillion dollars,” stated Modi confidently. He foresees India becoming the driving force behind global development in the near future. Modi highlighted how the nation has managed to turn challenges and adversities into opportunities for economic progress. The reforms undertaken in recent years, driven by the “Mission Mode,” have significantly improved the business landscape in India. He also commended India’s ability to tackle both social and economic challenges through technology-based solutions, illustrating how the nation is transcending inefficiencies and progressing towards a brighter future.

Modi also touched upon the confidence instilled by initiatives like the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code (IBC). He reiterated the commitment of the Indian people to transform the country into a developed nation by 2047. The Prime Minister extended an open invitation to entrepreneurs, inviting them to join the journey of India’s developmental voyage.

Furthermore, Modi highlighted that India has opened its defense and space sectors for private investment. This move signifies India’s commitment to innovation and progress not only within its borders but also on a global scale.