India Set to be the World’s Growth Engine by 2047, Says Economic Reforms and Tech Leap are Key
Prime Minister Narendra Modi emphasized that India is poised to become the global growth engine by 2047, thanks to its economic reforms and technological advancements. Speaking at the BRICS Business Forum in South Africa, PM Modi stated that the people of India have made a resolve to transform the country into a developed nation within the next three decades.
Despite the challenges faced by the global economy, India has emerged as the fastest-growing major economy worldwide. PM Modi expressed confidence that India will soon become a five trillion dollar economy. He attributed India’s potential to its ability to convert crises and difficulties into opportunities for economic progress. This resilience has solidified India’s status as the future growth engine of the world.
PM Modi outlined the measures undertaken by the Indian government to facilitate business growth. He highlighted the successful implementation of reforms, mission-oriented initiatives, and the reduction of compliance burdens and bureaucratic red tape. These efforts have boosted investor confidence, particularly with the introduction of the Goods and Services Tax (GST) and the implementation of insolvency measures. The government’s focus on public service delivery and good governance has further contributed to India’s business-friendly environment.
The Prime Minister underscored the significant investments being made in India’s infrastructure. The government has set aside approximately USD 120 billion in this year’s budget for infrastructure development, setting the foundation for a new and prosperous India. Rapid improvements are being witnessed in sectors such as railways, waterways, airports, and roads. The construction of new highways is progressing at a remarkable pace of 10,000 kilometers per year, while the number of airports has doubled over the past nine years.
PM Modi also highlighted the growth in sectors such as IT, telecom, financial technology (FinTech), artificial intelligence (AI), and semiconductors. He reiterated the vision of Make in India, Make for the World and the positive impact of these efforts on the lives of the people. The income of individuals has nearly tripled over the past nine years, and women are playing a pivotal role in the progress of the country across various domains such as information technology, space, banking, and healthcare.
Currently, on a three-day visit to South Africa to attend the 15th BRICS Summit in Johannesburg, PM Modi’s visit commemorates the 30th anniversary of the diplomatic relationship between India and South Africa. This trip further solidifies the close ties and cooperation between the two nations in various fields.
India’s determination to become the world’s growth engine by 2047 showcases its commitment to sustained economic development and technological advancements. With strong government reforms and investments in infrastructure, combined with the entrepreneurial spirit of its people, India is poised to become a major contributor to global growth in the coming decades.
