Prime Minister Narendra Modi showcased India’s robust economic growth trajectory during his participation in the BRICS Business Forum Leaders’ Dialogue in Johannesburg. The event took place as part of his visit to South Africa for the 15th BRICS Leaders’ Summit.
Modi confidently asserted that India is poised to be a significant growth engine for the global economy. Despite the prevailing challenges in the international economic landscape, India has emerged as the fastest-growing major economy, showcasing its resilience and potential.
During his address, the prime minister highlighted his government’s commitment to implementing key reforms that have positively impacted India’s business environment. He mentioned the successful introduction of the Insolvency and Bankruptcy Code and the Goods and Services Tax (GST), which have streamlined business processes, improved ease of doing business, and bolstered investor confidence.
Modi also emphasized the strides made in public-service delivery, attributing much of the progress to the integration of technology. He underscored the reduction in corruption and highlighted the significant achievements of direct benefit transfers, amounting to over $360 billion, to citizens.
The success story of Unified Payments Interface (UPI) transactions, a hallmark of India’s digital financial revolution, found mention in Modi’s speech. He highlighted UPI’s international partnerships and proposed potential collaborations with other BRICS countries to further enhance this innovative platform.
Discussing India’s multifaceted progress, Modi touched upon the country’s thriving startup ecosystem, advancements in gender equality, and the ambitious “Make in India” initiative, which seeks to promote domestic manufacturing and position India as a global manufacturing hub.
During the forum, Prime Minister Modi shared the stage with President Cyril Ramaphosa of South Africa and President Lula da Silva of Brazil. While President Xi Jinping of China did not attend the business forum event, President Vladimir Putin of Russia participated virtually in the BRICS Summit. The collective engagement of these leaders signifies the commitment to mutual growth and cooperation within the BRICS framework.
