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India Will Be the World's Growth Engine, Modi Says at XV BRICS Summit Business Forum
India Will Be the World's Growth Engine, Modi Says at XV BRICS Summit Business Forum
Sputnik India
Prime Minister Narendra Modi on Tuesday asserted that India will emerge as the main driver of growth in the global economy in the not-so-distant future.
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Prime Minister Narendra Modi on Tuesday asserted that India will emerge as the main driver of growth in the global economy in the not-so-distant future.Modi's remarks about New Delhi emerging as the global economic focal point come at a time when India has emerged as the bright spot among the world's largest economies.Last fiscal, the South Asian country emerged as the fastest-growing major economy on the planet with a growth rate of 7.2 percent.The world's largest democratic nation's central bank, the Reserve Bank of India (RBI), has forecast a similar outlook for the 2023-24 financial year.
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India Will Be the World's Growth Engine, Modi Says at XV BRICS Summit Business Forum
The 15th BRICS summit began in South Africa's Johannesburg with leaders of member states calling for reforming the global financial system.
Prime Minister Narendra Modi on Tuesday asserted that India will emerge as the main driver of growth in the global economy in the not-so-distant future.
"India will be the growth engine of the world. It's because India turned calamity and tough times into economic reforms. In the last few years, the ease of doing business in India has improved due to the work done in the mission mode," Modi said while addressing the BRICS Business Forum Leaders' Dialogue. "Today, India is the fastest-growing major economy in the world. Soon, India will be a 5 trillion dollar economy."
Modi's remarks about New Delhi emerging as the global economic focal point come at a time when India has emerged as the bright spot among the world's largest economies.
At present, India is among the five largest economies in the world behind the US, China, and Japan.
Last fiscal, the South Asian country emerged as the fastest-growing major economy on the planet with a growth rate of 7.2 percent.
The world's largest democratic nation's central bank, the Reserve Bank of India (RBI), has forecast a similar outlook for the 2023-24 financial year.
Meanwhile, the Indian Ministry of External Affairs released a statement following Modi's address in Johannesburg, mentioning that the Prime Minister highlighted how COVID disrupted global supply chains before stressing "the importance of
resilient and inclusive supply chains, and emphasized the importance of mutual trust and transparency for this".
