India Soon To Become A 5 Trillion Dollar Economy: PM Modi At BRICS Business Forum

Prime Minister Narendra Modi addressed the BRICS Business Forum Leaders' Dialogue in South Africa's Johannesburg on Tuesday.

Prime Minister Narendra Modi at BRICS Business Forum Leaders' Dialogue

Source : ANI

Prime Minister Narednra Modi on Tuesday said that despite shaky world economy, India emerged as world's fastest growing major economy and will soon become 5 trillion economy. Addressing BRICS Business Forum Leaders' Dialogue in South Africa's Johannesburg, PM Modi said, "India is the fastest-growing major economy in the world. Soon, India will be a 5 trillion dollar economy." He also said that the mission mode reforms have improved the ease of doing business in the country. India has world's third largest startup ecosystem and over a 100 unicorns, he added. 

"Despite a shaky world economy, India has emerged as world's fastest growing major economy. India will soon become 5 trillion dollar economy," Modi said in his address. 

#WATCH | PM Modi at BRICS Business Forum in South Africa says, "Investor confidence has increased after the implementation of GST and Insolvency and Bankruptcy code in India. Defence and Space sectors opened for the private sector...With the use of technology, we have taken a… pic.twitter.com/ROnDKdo1ev

— ANI (@ANI) August 22, 2023

Speaking on implementation of goods and service tax in the country and financial inclusion, the PM said, "Investor confidence has increased after the implementation of GST and Insolvency and Bankruptcy code in India. Defence and Space sectors opened for the private sector...With the use of technology, we have taken a leap in financial inclusion...Today, UPI is being used by street vendors to those shopping malls."

"We are actively taking steps to make India a manufacturing hub in the areas of solar energy, wind energy, electric vehicles and green hydrogen," he added. 

Modi said that the first summit of the BRICS which includes Brazil, Russia, India, China, and South Africa was in 2009 when "the world was coming out of a big economic crisis. At that time, BRICS had emerged as a ray of hope for the world economy." 

PM Modi arrived in South Africa's Johannesburg on Tueday to attend the 15th BRICS Summit on the invitation of South African President Cyril Ramaphosa. He received a grand welcome from the members of the Indian diaspora in Johannesburg. 

From South Africa, PM Modi will travel to Athens in Greece on August 25.