Close X
Sunday, November 10, 2024
ADVT 
India

India will soon be a $5 trillion economy, says Modi at BRICS business forum

Darpan News Desk IANS, 22 Aug, 2023 11:32 AM
  • India will soon be a $5 trillion economy, says Modi at BRICS business forum

New Delhi, Aug 22 (IANS) Addressing the BRICS Business Forum Leaders' Dialogue in Johannesburg on Tuesday, Prime Minister Narendra Modi said that despite global challenges, India has emerged as the fastest growing economy and will soon become a $5 trillion economy.

"Despite a shaky world economy, India has emerged as the world's fastest-growing major economy. India will soon become $5 trillion economy," Modi said in his address.

"In 2009, when the first BRICS summit was held, the world was coming out of a big economic crisis. At that time, BRICS had emerged as a ray of hope for the world economy," he noted.

India has the world's third largest startup ecosytem with over 100 unicorns, the Prime Minister informed the gathering, adding that with mission mode reforms, and ease of doing business has improved in the country.

"India will become the growth engine for the world in the coming years as investor confidence has increased after the implementation of GST and Insolvency and Bankruptcy Code in the country.

"Defence and space sectors have been opened for the private sector and with the use of technology, we have taken a leap in financial inclusion.Today, UPI is being used by street vendors to those in shopping malls... We are actively taking steps to make India a manufacturing hub in the areas of solar energy, wind energy, electric vehicles and green hydrogen," Modi highlighted.

Earlier in his address at the forum, South Africa President Cyril Ramaphosa said that Africa is focusing on women's empowerment.

"We in Africa, as we seek to grow and develop, are focusing on the empowerment of the women of our continent who have been held back through years of colonialism, and in our case through the years of apartheid through protocols and laws. We need to free the women of our continent so that they can trade, be in business and to grow the economies of our various countries," he said.

"We require a fundamental reform of the global financial institutions so that they can be more agile and responsive to the challenges facing developing economies," Ramaphosa added.

MORE India ARTICLES

Punjab State Energy Action Plan launched for energy efficiency

Punjab State Energy Action Plan launched for energy efficiency
Additional Chief Secretary A. Venu Prasad, Punjab Energy Development Agency (PEDA) Chairman H.S. Hanspal and head of Indo-German Energy Programme GIZ, Winfried Damm, also launched decision support tool and Amritsar smart city portal and renewable purchase obligations (RPO) portal for the state.

Punjab State Energy Action Plan launched for energy efficiency

Biden to host PM Modi during his US visit on June 22

Biden to host PM Modi during his US visit on June 22
The two leaders will discuss ways to further expand the educational exchanges and people-to-people ties between India and the US, as well as the work together to confront common challenges from climate change, to workforce development and health security, it said.

Biden to host PM Modi during his US visit on June 22

Incomplete bridge crashes on Mumbai-Nagpur Samruddhi corridor

Incomplete bridge crashes on Mumbai-Nagpur Samruddhi corridor
There are no casualties in the incident, the work has been stopped, the causes are being checked and the crash site vicinity has been cordoned off, said the official of Ghoti Police Station, declining to be quoted.

Incomplete bridge crashes on Mumbai-Nagpur Samruddhi corridor

Mehrauli murder: Delhi court frames murder, disappearance of evidence charges against Poonawala

Mehrauli murder: Delhi court frames murder, disappearance of evidence charges against Poonawala
Poonawala pleaded not guilty of Walker's murder and the matter has now been set for trial and has been listed for recording of prosecution evidence on June 1. A charge sheet running over 6,000 pages was filed in the case.

Mehrauli murder: Delhi court frames murder, disappearance of evidence charges against Poonawala

Daring robbery in Delhi: CCTV footage reveals clues as police probe inside link

Daring robbery in Delhi: CCTV footage reveals clues as police probe inside link
According to police, a group of masked robbers infiltrated the residence of the victim, who is involved in the paper trading business and is the son of a contractor, in Ashok Vihar early Saturday morning by cutting through window grills.

Daring robbery in Delhi: CCTV footage reveals clues as police probe inside link

NCB official who investigated Aryan Khan case removed from service

NCB official who investigated Aryan Khan case removed from service
The NCB, led by its then Mumbai head Sameer Wankhede, had on October 2, 2021, carried out a high-profile raid on a cruise ship off the Mumbai harbour and arrested 20 persons, including Aryan Khan, the son of Bollywood megastar Shah Rukh Khan.

NCB official who investigated Aryan Khan case removed from service