New Delhi: India is the fastest-growing major economy in the world and soon, India will be a 5 trillion dollar economy, said PM Modi on Tuesday at BRICS Business Forum Leaders' Dialogue in Johannesburg, South Africa.
He noted that India will be the growth engine of the world because it turned calamity and tough times into economic reforms. "In the last few years, the ease of doing business in India has improved due to the work done in the mission mode. We have emphasized on Public service delivery and good governance".
"Investor confidence has increased after the implementation of GST and Insolvency and Bankruptcy code in India. Defense and Space sectors opened for the private sector. With the use of technology, India has taken a giant leap towards financial inclusion. Our rural women have benefited the most from this", PM Modi added.
PM Modi landed in South Africa on Tuesday evening local time to attend the 15th BRICS summit. He is scheduled to hold bilaterals with BRICS nations on the sidelines of the summit
During the BRICS business forum, Prime Minister highlighted the various reforms being undertaken by India to improve the ease of doing business, including technology-based solutions to address the social and economic challenges. Prime Minister invited BRICS business leaders to participate in India’s developmental journey.
Prime Minister noted that Covid had highlighted the importance of resilient and inclusive supply chains, and emphasized the importance of mutual trust and transparency for this. He also stressed that together BRICS can contribute significantly to global welfare, particularly in the Global South.
BRICS is the grouping of the world economies of Brazil, Russia, China, India, and South Africa. This is the third visit by PM Modi to South Africa and the trip marks the 30th anniversary of the diplomatic relations between South Africa and India.
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