The country’s GDP is on course to reach $5 trillion, the prime minister told the BRICS summit in Johannesburg
India is set to become “the growth engine” of the world in the coming years as its economy continues to expand, the country’s Prime Minister Narendra Modi has told a BRICS business forum in Johannesburg.
Highlighting his government’s efforts to make India an attractive destination for trade and investment over the past nine years, Modi hailed the country’s remarkable economic growth in spite of global turmoil.
India is the fastest-growing major economy worldwide at present, with aspirations of becoming a $5 trillion economy in the coming years, the prime minister told the BRICS Business Forum Leaders’ Dialogue in South Africa.
“Despite the turbulence in the global economic situation, India has managed to shine as a beacon of growth,” Modi stated. He attributed this growth to the transformative reforms his government had undertaken since it came to power in 2014. Notably, he emphasized how India had turned the challenges posed by the Covid-19 pandemic into an opportunity.
“This is because India turned the pandemic into an opportunity to carry out economic reforms. Through our reforms [carried out] in a mission-oriented manner, the ease of business has improved in India,” he continued.
He highlighted key policy changes, such as the reduction of compliance burdens, the elimination of bureaucratic ‘red tape,’ and the introduction of investor-friendly policies. He also referred to the implementation of the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code as key drivers that have boosted investors’ confidence.
The Indian leader underscored his government’s commitment to fostering a conducive environment for both domestic and international investment. He said previously restricted sectors like defense and space had been opened up to private players, aiming to stimulate innovation and drive growth. He also noted his administration’s focus on enhancing public service delivery and promoting good governance.