Prime Minister Narendra Modi on Tuesday said that India is poised to become the growth engine of the world in the coming years.
“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,” Modi said adding that the country converted disasters and hardships into opportunities for economic recovery.
“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 further said while speaking at the BRICS Business Forum Leaders’ Dialogue.
The PM, who is in South Africa to participate in the first in-person summit of BRICS nations since 2019, told the gathering that despite the turmoil in the global economy, India today is the fastest growing major economy in the world.
Referring to the Unified Payments Interface (UPI), Modi said there are many possibilities for using the UPI for BRICS.
Inviting businesses to come to India, Modi said New Delhi has opened up sectors like defence and space for private investments, and that manufacturing sector is becoming competitive due to reduction in logistics cost.
Further, the PM said his government is taking steps to make India a global manufacturing hub in areas like solar energy, wind energy, electric vehicles, green hydrogen, green ammonia. “It is natural that this will create a big market for renewable technology in India,” he added.
