Johannesburg, South Africa: In a compelling address at the BRICS Business Forum in South Africa, Prime Minister Narendra Modi emphasized India’s significant economic reforms and technological advancements, predicting India’s emergence as the global growth engine in the years to come.
PM Modi articulated India’s ambition to transform into a developed nation by 2047, underlining the unwavering determination of the Indian populace.
During his speech, he extended warm congratulations to the BRICS Business Council on its milestone tenth anniversary, acknowledging its pivotal role in fostering economic cooperation among BRICS nations.
Reflecting on the historical context of BRICS, PM Modi remarked, “The inaugural BRICS summit in 2009 emerged as a beacon of hope for the global economy, as the world recovered from a severe financial crisis.”
“In today’s context, with the ongoing economic challenges posed by the COVID-19 pandemic and global tensions, the role of BRICS countries remains crucial,” he added.
Highlighting India’s remarkable economic growth, PM Modi declared, “Despite global economic upheaval, India stands as the world’s fastest-growing major economy. We are poised to become a five-trillion-dollar economy very soon. It is undeniable that India will be the driving force behind global growth in the near future. Our ability to convert crises into opportunities has been instrumental in this progress.”
PM Modi attributed these achievements to comprehensive reforms, streamlined business operations, reduced bureaucracy, and improved investor confidence through initiatives like the Goods and Services Tax (GST) and insolvency reforms.
He also lauded India’s strides in digital transformation, citing the successful implementation of direct benefit transfers, which have enhanced transparency, reduced corruption, and streamlined service delivery. India’s cost-effective data services and the widespread adoption of the Unified Payments Interface (UPI) were noted as remarkable achievements.
PM Modi underscored the transformative impact of extensive infrastructure investment in India, with a budget allocation of approximately USD 120 billion. These investments, he stated, are laying the foundation for a new India, marked by significant advancements in railways, waterways, infrastructure, and aviation.
India’s rapid expansion in highways, doubling of airport numbers in nine years, and the implementation of the Production Linked Incentives scheme to bolster investment and production were highlighted.
Additionally, PM Modi emphasized India’s competitiveness in manufacturing, especially in renewable energy sectors such as solar and wind energy, electric vehicles, green hydrogen, and green ammonia, projecting a burgeoning market for renewable technologies.
PM Modi proudly noted India’s thriving startup ecosystem, boasting over a hundred unicorns and positioning India as a global player in IT, telecom, FinTech, AI, and semiconductors.
Addressing gender inclusivity, PM Modi praised the substantial contribution of women across sectors, from IT to space, banking, and healthcare, in driving India’s economic development.
He extended an invitation to all nations to join India’s developmental journey, advocating the vision of “Make in India, Make for the World.”
While Cyril Ramaphosa, President of South Africa, and Luiz Inacio Lula da Silva, President of Brazil, joined PM Modi at the event, Chinese President Xi Jinping’s notable absence was observed. Russia’s Foreign Minister Sergei Lavrov attended the event.
Following the Business Forum, PM Modi participated in the BRICS Leaders Retreat at Summer Place in Johannesburg, joined by the leaders of Brazil, China, and Russia. They deliberated on global developments and explored ways to harness the BRICS platform to address global challenges.
PM Modi’s visit to South Africa marks the 30th anniversary of diplomatic relations between India and South Africa and is his third visit to the country. The 15th BRICS Summit, held under South Africa’s presidency, carries the theme “BRICS and Africa: Partnership for mutually accelerated growth, sustainable development, and inclusive multilateralism.”