Prime Minister Narendra Modi delivered an optimistic outlook for “India economic future during his address at the BRICS Business Forum Leaders” Dialogue in South Africa.
Highlighting India’s remarkable growth trajectory, he emphasized the nation’s readiness to become a USD 5 trillion economy and a pivotal driver of global economic growth.
Speaking at the first in-person summit of BRICS nations since 2019, Prime Minister Modi showcased India’s commitment to implementing transformative reforms that have significantly enhanced the ease of doing business within the country. These “mission-mode” reforms, he emphasized, have catalyzed India’s rise as the world’s fastest-growing major economy.
“Soon, India will become a USD 5 trillion economy. There is no doubt that India will be the growth engine of the world in the years to come,” PM Modi said.
PM Modi invited companies from all across the world to join India in its spectacular development process
In a bid to boost global cooperation, He emphasized that the country’s recent reforms have opened the path for a more inviting business environment, particularly in areas like technology, compliance reduction, and investment promotion. India has adopted a dynamic strategy that has inspired newfound investor confidence by reducing administrative barriers and creating an environment that is beneficial for private investment.
“The reforms that we have done in the mission mode in the last few years have resulted in continuous improvement in the ease of doing business in India,” he said.
Prime Minister Modi pointed to specific milestones that have contributed to India’s growth narrative, including the successful implementation of the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code. These measures, he contended, have laid the groundwork for increased economic stability and growth.
The Prime Minister further accentuated India’s ambition to lead the way in renewable energy and sustainable technologies. By leveraging its prowess in solar energy, wind energy, electric vehicles, green hydrogen, and green ammonia, India seeks to become a global manufacturing hub for these transformative sectors. PM Modi’s conviction is that this drive will not only propel India’s economy but also create a robust market for renewable technologies.
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