India To Become Five Trillion-dollar Economy Soon: PM Modi

In his speech to the BRICS Business Forum on Tuesday in Johannesburg, South Africa, Prime Minister Narendra Modi predicted that India's economy would soon reach the five trillion dollar mark. He praised industries including IT, telecom, fintech, artificial intelligence, and semiconductors and claimed that India is advancing the idea of "Make in India, Make for the World."

"Despite the economic uncertainty around the world, India now has the fastest-growing major economy. India's GDP will soon reach $5 trillion in value. Without a doubt, India will serve as the global growth engine in the years to come, he said.

"Over the past nine years, there has been a nearly threefold increase in people's incomes," he continued. He added that women play a crucial role in India's economic development.

Speaking at the BRICS Business Council's 10th anniversary, Prime Minister Modi praised the council's contributions in 2009 during a severe economic crisis.

INDIA'S ROLE IN GLOBAL ECONOMY

According to PM Modi, India is contributing in a "transformative" way to the expansion of the world economy.

"India's success is accredited to the nation's ability to transform adversity into an economic reform opportunity, with an emphasis on reducing compliance burdens and facilitating the ease of doing business," the official said.

Speaking about ease of doing business, he emphasized that India had transitioned from a "red carpet" of business invitations to an environment of "red tape" bureaucracy.

"The reforms we've implemented in mission mode over the last few years have steadily improved the ease of doing business in India. The difficulty of complying has decreased. Red carpeting will take the place of red tape, he declared.

DIGITISATION IN INDIA

In addition, PM Modi discussed India's advancements in technology and digital finance. The majority of the gains in financial inclusion, according to him, have gone to rural women in India.

According to him, India has the most digital transactions per capita in the world, which attracts nations like the United Arab Emirates, Singapore, and France to use this platform.