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.
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.