India to soon become USD 5 trillion economy, says PM Modi at BRICS Summit

Prime Minister Narendra Modi claimed on Tuesday that India will soon have a USD 5 trillion GDP and will be the world’s economic engine in the future years. Speaking at the BRICS Summit Business Forum Leaders’ Dialogue, Modi emphasized that “mission-mode” changes had made doing business in India easier, and he welcomed businesses to be a part of the country’s development journey.

While discussing India’s progress in digital payments, Modi stated that there are numerous potentials for BRICS Summit to use the Unified Payments Interface (UPI).

He also stated that Brazil, Russia, India, China, and South Africa (BRICS Summit) can make major contributions to global welfare, particularly in the Global South.

The prime minister, who is in South Africa for the first in-person BRICS meeting since 2019, told the audience that, despite the global economic crisis, India is now the world’s fastest-expanding major economy.

“India will soon become a USD 5 trillion economy.” “There is no doubt that India will be the world’s growth engine in the years ahead,” Modi said, adding that the country turned calamities and sufferings into opportunities for economic revival.

“The reforms that we have done in the mission mode over the last few years have resulted in continuous improvement in the ease of doing business in India,” he said.

Modi stated that India is now rolling out the red carpet by reducing red tape, citing changes such as technology-based solutions to solve social and economic concerns, as well as measures to lessen the compliance burden.

BRICS Summit
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The adoption of the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code has strengthened investor confidence, according to the prime minister, who said that the people of India have pledged to become a developed nation by 2047.

Inviting businesses to join India’s economic path, Modi stated that New Delhi has opened up sectors like as defense and space for private investment and that the industrial sector is becoming more competitive as logistical costs have decreased.

Furthermore, the prime minister stated that his administration is working to make India a worldwide manufacturing base in fields such as solar energy, wind energy, electric vehicles, green hydrogen, and green ammonia.

“It’s natural that this will create a big market for renewable technology in India,” he says.

Modi claimed that via the use of technology, India has taken a huge step toward financial inclusion, with rural women benefiting the most.

BRICS Summit
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Direct Benefit Transfers (DBT) of more than USD 360 billion have been completed, resulting in enhanced transparency in service delivery as well as a reduction in corruption and middlemen, he said.

Modi mentioned the UPI (Unified Payments Interface) platform, which is used by everyone from street vendors to large shopping malls in India.

Countries such as the UAE, Singapore, and France have joined the UPI platform, and there are numerous opportunities to collaborate with BRICS countries, according to Modi.

Large-scale infrastructure investments are being made to establish a solid basis for a new India of the future.

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