India Aims to Become a Developed Nation by 2047, PM Modi Declares at BRICS Business Forum

Date:

India’s Prime Minister, Narendra Modi, recently announced at the BRICS Business Forum in South Africa that India aims to become a developed nation by 2047. In his address, PM Modi highlighted the economic reforms and technological advancements that India has undertaken and asserted that India will emerge as the growth engine of the world in the coming years.

PM Modi congratulated the BRICS Business Council on its tenth anniversary and recognized its crucial role in enhancing economic cooperation among member countries. He emphasized the importance of BRICS countries in addressing the current economic challenges amidst the COVID-19 pandemic and global tensions.

India, despite the global economic turmoil, is currently the fastest-growing major economy in the world. PM Modi stated that India will soon achieve the milestone of becoming a five trillion dollar economy. He attributed India’s potential for growth to its ability to convert crises and difficulties into opportunities for economic advancement. PM Modi revealed that the people of India have resolved to transform the nation into a developed country by 2047.

The Prime Minister also highlighted the reforms and mission-oriented approaches that India has implemented in recent years to enhance ease of doing business and reduce compliance burdens. He mentioned the boost in investor confidence due to the introduction of the Goods and Services Tax (GST) and the implementation of insolvency procedures. PM Modi emphasized India’s focus on public service delivery, good governance, and the significant progress made through initiatives like direct benefit transfers, which have ensured transparency in service delivery, reduced corruption, and eliminated middlemen.

See also  Face-to-Face Talks: Biden and Xi Meet After Tense Year, Progress on Fentanyl and Climate Change

PM Modi pointed out the transformation in India’s infrastructure due to large-scale investments. He mentioned the provision of approximately $120 billion for infrastructure in this year’s budget, which is paving the way for a new India of the future. India has witnessed rapid changes in rail, water, infrastructure, and airways. The country is constructing new highways at a speed of ten thousand kilometers per year, and the number of airports has doubled in the last nine years.

Furthermore, PM Modi highlighted India’s competitiveness in the manufacturing sector, facilitated by reduced logistics costs. He mentioned India’s leadership in the field of renewable energy and its aspirations to become a global manufacturing hub in sectors like solar energy, wind energy, electric vehicles, green hydrogen, and green ammonia. This push toward renewable technology is expected to create a significant market in India.

PM Modi underscored India’s thriving startup ecosystem, which currently ranks third globally and comprises over a hundred unicorns. He emphasized India’s progress in various sectors, including IT, telecommunications, fintech, AI, and semiconductors. PM Modi highlighted the positive impact of these efforts on the lives of ordinary citizens, with incomes nearly tripling in the past nine years.

The Prime Minister acknowledged the strong participation of women in India’s economic development across sectors such as information technology, space, banking, and healthcare. He emphasized their crucial role alongside men in driving the progress of the nation.

In conclusion, PM Modi invited all countries to join India’s development journey. Despite the absence of Chinese President Xi Jinping at the BRICS Business Forum, the event served as a platform for leaders from diverse nations to deliberate on global developments and explore the effective utilization of the BRICS platform to address global challenges. PM Modi’s visit to South Africa marked the 30th anniversary of India-South Africa diplomatic relations and demonstrated India’s commitment to strengthening ties with BRICS countries.

See also  Narayana Murthy Undeterred by ChatGPT, Claims Nothing Can Rival Human Intellect

Frequently Asked Questions (FAQs) Related to the Above News

What did India's Prime Minister Narendra Modi announce at the BRICS Business Forum?

India's Prime Minister Narendra Modi announced at the BRICS Business Forum that India aims to become a developed nation by 2047.

What were some of the highlights of PM Modi's address?

PM Modi highlighted the economic reforms and technological advancements undertaken by India. He also emphasized India's potential to become the growth engine of the world in the coming years.

How is India currently performing economically?

Despite the global economic turmoil, India is currently the fastest-growing major economy in the world.

What milestone does PM Modi believe India will achieve soon?

PM Modi believes that India will soon achieve the milestone of becoming a five trillion dollar economy.

What reforms has India implemented to enhance ease of doing business?

India has implemented reforms to boost investor confidence, such as the introduction of the Goods and Services Tax (GST) and the implementation of insolvency procedures. These changes aim to improve the ease of doing business and reduce compliance burdens.

What focus areas did PM Modi mention in terms of public service delivery and governance?

PM Modi mentioned India's focus on public service delivery, good governance, and progress made through initiatives like direct benefit transfers. These initiatives have aimed to ensure transparency, reduce corruption, and eliminate middlemen.

What infrastructure changes has India witnessed?

India has witnessed transformation in its infrastructure due to large-scale investments. The country is constructing new highways at a rapid pace and the number of airports has doubled in the last nine years.

What sectors is India competitive in?

India is competitive in sectors such as manufacturing, renewable energy, IT, telecommunications, fintech, AI, and semiconductors.

What is the state of India's startup ecosystem?

India's startup ecosystem is thriving and currently ranks third globally. It comprises over a hundred unicorns and has had a positive impact on the lives of ordinary citizens.

What role do women play in India's economic development?

Women play a significant role in India's economic development across sectors such as information technology, space, banking, and healthcare. They are crucial in driving the progress of the nation alongside men.

What invitation did PM Modi extend to other countries?

PM Modi invited all countries to join India's development journey and emphasized the importance of cooperation and utilizing the BRICS platform to address global challenges.

What significance did PM Modi's visit to South Africa hold?

PM Modi's visit to South Africa marked the 30th anniversary of India-South Africa diplomatic relations and demonstrated India's commitment to strengthening ties with BRICS countries.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

Share post:

Subscribe

Popular

More like this
Related

Samsung’s Foldable Phones: The Future of Smartphone Screens

Discover how Samsung's Galaxy Z Fold 6 is leading the way with innovative software & dual-screen design for the future of smartphones.

Unlocking Franchise Success: Leveraging Cognitive Biases in Sales

Unlock franchise success by leveraging cognitive biases in sales. Use psychology to craft compelling narratives and drive successful deals.

Wiz Walks Away from $23B Google Deal, Pursues IPO Instead

Wiz Walks away from $23B Google Deal in favor of pursuing IPO. Investors gear up for trading with updates on market performance and key developments.

Southern Punjab Secretariat Leads Pakistan in AI Adoption, Prominent Figures Attend Demo

Experience how South Punjab Secretariat leads Pakistan in AI adoption with a demo attended by prominent figures. Learn about their groundbreaking initiative.