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22 Aug, 2023 18:14

Modi hails India as ‘growth engine for world’

The country’s nominal GDP is on course to reach $5 trillion, the prime minister told the BRICS summit in Johannesburg
Modi hails India as ‘growth engine for world’

India is set to become “the growth engine” of the world in the coming years as its economy continues to expand, Prime Minister Narendra Modi has told a BRICS business forum in Johannesburg.

Highlighting his government’s efforts to make India an attractive destination for trade and investment over the past nine years, Modi hailed the country’s remarkable economic growth in spite of global turmoil.

India is the fastest-growing major economy worldwide at present, with aspirations of becoming a $5 trillion economy in the coming years, the prime minister told the BRICS Business Forum Leaders’ Dialogue.

Despite the turbulence in the global economic situation, India has managed to shine as a beacon of growth,” Modi stated. He attributed this growth to the transformative reforms his government had undertaken since it came to power in 2014. Notably, he emphasized how India had turned the challenges posed by the Covid-19 pandemic into an opportunity.

This is because India turned the pandemic into an opportunity to carry out economic reforms. Through our reforms [carried out] in a mission-oriented manner, the ease of business has improved in India,” he continued.

He highlighted key policy changes, such as the reduction of compliance burdens, the elimination of bureaucratic ‘red tape,’ and the introduction of investor-friendly policies. He also referred to the implementation of the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code as key drivers that have boosted investors’ confidence.

The Indian leader underscored his government’s commitment to fostering a conducive environment for both domestic and international investment. He said previously restricted sectors like defense and space had been opened up to private players, aiming to stimulate innovation and drive growth. He also noted his administration’s focus on enhancing public service delivery and promoting good governance.

With the help of technology, India has made significant steps forward in the area of financial inclusion,” he said, noting that rural women had been the biggest beneficiaries of technology-driven initiatives. This approach has not only enhanced transparency and accountability in service delivery, but also reduced instances of corruption. Modi also noted that India had the world’s third-largest startup ecosystem with more than 100 unicorns – startup firms with a value exceeding $1 billion.

Modi emphasized the collective role of BRICS nations in addressing the challenges posed by the pandemic and its aftermath. 

Earlier on Tuesday, the Indian prime minister was formally welcomed by Paul Shipokosa Mashatile, the deputy president of South Africa, as he landed in Johannesburg. Several large screens depicting Modi have been set up across the South African city to greet him, according to ANI news agency.