BRICS Summit 2023: PM Modi prediction on Indian Economy to reach the 5 trillion Mark

India has the fastest-growing major economy in the world despite the current economic uncertainty. At the BRICS Business Forum Leaders' Dialogue in Johannesburg, South Africa, PM Modi predicted that India's economy would soon reach the five trillion dollar mark.

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The prime minister noted the reforms carried out by his government over the previous nine years and claimed that India would become the global growth engine in the years to come.

This occurred as a result of the way India used the outbreak as an opportunity to implement economic reforms. Business accessibility in India has increased thanks to our policies in mission mode, Modi claimed.

"By implementing GST along with Insolvency and Bankruptcy Code, we have reduced compliance burden, substituted red tape with red carpet, and boosted investors' confidence," the prime minister told the audience.

According to the prime minister, providing public services and ensuring good governance are given top priority. He also mentioned that the government has allowed private actors to operate in the space and defence industries.

India has made significant progress in the area of financial inclusion thanks to technology. The majority of those who have benefited are rural women. The prime minister stated that millions of individuals in India are receiving direct transfer benefits worth more than $360 billion with just a single click.

He continued, "It has improved transparency in service delivery, reducing corruption and the function of middlemen." Following the Covid-19 pandemic, PM Modi spoke about the issues facing the world and emphasised the importance of the BRICS countries.

He told the audience that there are more than 100 unicorns in India, which has the third-largest startup ecosystem worldwide.

Modi is currently in South Africa, which is hosting the first BRICS conference in person since 2019. The BRICS nations are Brazil, Russia, India, China, and South Africa.

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