No doubt that India will be world’s growth engine: PM Narendra Modi at BRICS Summit

Prime Minister Narendra Modi played up India’s economic growth story during his remarks at the BRICS Business Forum Leaders’ Dialogue in Johannesburg on Tuesday. Modi is visiting South Africa for the 15th BRICS Leaders’ Summit.

The prime minister said there was no doubt that India would be a growth engine for the world. Though the global economy is in the doldrums, India has emerged as the fastest growing major economy, Modi added.

He spoke about his government’s record on bringing in reforms such as the Insolvency and Bankruptcy Code and the Goods and Services Tax (GST) to improve ease of doing business and boost investor confidence. He also spoke about the improvement in public-service delivery, particularly through the use of technology, and the reduction in corruption. He added that direct benefit transfers worth over $360 billion have been made to citizens.

The success of UPI payments also found mention in Modi’s remarks. Citing the platform's international partnerships, he proposed possible collaborations with BRICS countries on UPI.

Modi also spoke about India’s startup ecosystem, progress on gender equality, and the country’s ‘Make in India’ ambitions.

Modi shared the stage with President Cyril Ramaphosa of South Africa and President Lula da Silva of Brazil. President Xi Jinping of China did not attend the business forum event, while President Vladimir Putin of Russia will participate in the BRICS Summit virtually.