August 22, 2023
Introduction
In a remarkable address at the BRICS Business Forum Leaders’ Dialogue held in Johannesburg, Prime Minister Narendra Modi emphasized India’s rapid economic growth and its imminent achievement of a $5 trillion economy. Despite the global economic turbulence, India has emerged as the fastest-growing major economy, positioning itself as a pivotal player on the world stage.
Addressing a distinguished audience comprising leaders from Brazil, Russia, India, China, and South Africa, PM Modi outlined the transformative reforms his government has spearheaded over the past nine years. He highlighted that India had turned the challenges posed by the pandemic into opportunities for economic revitalization. “Through our mission-focused reforms, India’s ease of doing business has improved, thereby enhancing investor confidence,” Modi asserted.
The Prime Minister highlighted key reforms that have led to India’s economic resurgence. He emphasized the successful implementation of the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code, which have significantly streamlined economic processes. Additionally, he pointed out that his government had strategically opened up the defense and space sectors to private players, fostering innovation and competition.
PM Modi underscored the importance of technology in India’s development journey. He praised the strides the nation has taken in financial inclusion, using technology to extend the reach of economic benefits to even the most remote corners. Modi credited these efforts with facilitating transparent service delivery, reducing corruption, and minimizing the influence of intermediaries.
The Prime Minister drew attention to India’s role in the global arena, especially in the wake of the challenges posed by the Covid-19 pandemic. He reaffirmed the significance of BRICS nations in collectively addressing these challenges and collaboratively shaping a resilient post-pandemic world.
Achievements in Start-Ups growth
Highlighting India’s prowess in innovation and entrepreneurship, PM Modi proudly stated that India boasts the world’s third-largest startup ecosystem, hosting over 100 unicorns – privately held startups valued at over $1 billion. This vibrant ecosystem symbolizes India’s innovative potential and its ability to adapt to changing global dynamics.
PM Modi’s address was the highlight of the BRICS Business Forum Leaders’ Dialogue, held amid the backdrop of the first in-person summit of BRICS since 2019. Hosted by South Africa, the summit saw leaders from Brazil, Russia, India, China, and South Africa convene to discuss strategies for mutual cooperation and sustainable growth in an ever-evolving global landscape.
Conclusion
The Prime Minister’s visionary address resonated with leaders and participants, echoing India’s ambitions of becoming a global economic powerhouse. As the world watches, India’s steadfast journey toward a $5 trillion economy continues to captivate attention and inspire nations worldwide.
