New Delhi: Ahead of the virtual BRICS (Brazil, Russia, India, China, South Africa) Summit to be hosted by China starting on Thursday, Prime Minister Narendra Modi told the BRICS Business Forum on Wednesday that India is the fastest growing major economy with an expected 7.5 per cent growth this year. He credited the government’s “reform, perform and transform” mantra for the achievement and added that by 2025, the value of India’s digital economy will reach USD 1 trillion. He said that such a growth of the digital economy was unprecedented anywhere in the world.
In a recorded keynote address, Mr Modi said that there are opportunities for investment to the tune of USD 1.5 trillion in India’s national infrastructure and that the country has made a national master plan to improve infrastructure.
Mr Modi suggested that the BRICS Business Forum can set up a platform for exchanges with Indian start-ups. He pointed out that globally, India now has the best ecosystem for innovation and it is reflected in the growing strength of Indian start-ups.
On Wednesday, Mr Modi said, “India has adopted reform, perform and transform as its mantra… This year we hope for 7.5 per cent growth, which makes us the fastest growing major economy. There are transformative changes in every sector. Technology-led growth is a pillar of India’s economic growth. We support innovation in every sector, such as space, blue economy, green hydrogen, energy, drones, geo-spatial data. There have been innovation-friendly policies. India has the best ecosystem globally for innovation (and this is) reflected in the growing strength of Indian start-ups. There are more than 100 unicorns.”
The PM highlighted the efforts that have been made to improve the ease of doing business in the country. He said, “Changes in thousands of rules have been made to reduce the compliance burden in business. Work on a huge scale is being done for transparency and stability in government policies. The way there is digital transformation in India, it has never been seen before in the world. By 2025, the Indian digital economy’s value will reach USD 1 trillion.”
He added, “Encouragement for prospects for women’s employment in this digital growth. Among 4.4 million professionals, 36 per cent are women. The maximum benefits of technology-based financial inclusion have gone to women in rural areas. BRICS Women’s Business Alliance can conduct a study on this transformative change happening in India. There can also be constructive exchanges between us on innovation-led economic recovery.”
At the Virtual 14th BRICS Summit, which will be attended by the host Chinese President Xi Jinping and Russian President Vladimir Putin, discussions are expected to cover intra-BRICS cooperation in areas such as counter-terrorism, trade, health, traditional medicine, environment, science & technology and innovation, agriculture, technical and vocational education & training and MSMEs. Also, issues like reform of the multilateral system, combating the COVID-19 pandemic and global economic recovery, amongst others, will likely be covered.