India poised to become world's growth engine, says PM Modi

Prime Minister Narendra Modi declared on Tuesday that India will assume the role of the world's growth engine in the upcoming years.

Addressing the BRICS Business Forum Leaders’ Dialogue in Johannesburg, South Africa, Modi highlighted that despite the turbulence in the global economy, "India currently boasts the distinction of being the fastest-growing major economy worldwide," and he projected that "soon, India will achieve a $5 trillion economy."

Modi affirmed, "This accomplishment is attributed to India's adeptness in converting times of adversity and challenges into opportunities for economic reforms." He emphasized that the economic reforms implemented with determination in recent years have consistently improved the business environment in India.

In an open invitation to all forum participants, Modi urged them "to actively participate in India's journey of development." He underlined the vital lesson drawn from the COVID-19 pandemic, which underscored the significance of fostering resilient and inclusive supply chains.

He also expressed the potential for substantial contributions to global well-being, particularly in the Global South, through the synergy of strengths among participating nations.

CONTRIBUTIONS OF THE BRICS BUSINESS COUNCIL

Modi underscored the pivotal role played by the BRICS Business Council over the past decade in "advancing our economic collaboration."

He contextualized the formation of BRICS during the aftermath of a major global economic crisis in 2009, characterizing it as a "ray of hope for the global economy." Today, faced with the COVID-19 pandemic, conflicts, and economic uncertainties, Modi stressed that the BRICS nations possess a significant role to play.

Modi's visit to Johannesburg marks his participation in the 15th BRICS Summit from August 22 to 24. Following his visit to South Africa, he will proceed to Athens, Greece on August 25, according to India's Foreign Ministry.