“In order to deal with the economic problems arising out of the pandemic, in India we have adopted the mantra of ‘reform, perform and transform,” the Prime Minister said.
New Delhi: In a virtual address at the BRICS Business Summit, Prime Minister Narendra Modi said India is expecting a 7.5 per cent growth which will make the country “the fastest growing major economy”.
“In order to deal with the economic problems arising out of the pandemic, in India we have adopted the mantra of ‘reform, perform and transform’. And the results of this approach are evident from the performance of the Indian economy,” the Prime Minister said in his address, adding, “Transformative changes are taking place in every sector in the emerging ‘New India’.”
Modi also pointed out four main aspects of the Indian economy and said, “First, a key pillar of India’s current economic recovery is technology-led growth. We are supporting innovation in every sector. We have made innovation-friendly policies in many areas like space, blue economy, green hydrogen, clean energy, drones, geo-spatial data, etc. Today, India has one of the best ecosystems in the world for innovation, which is reflected in the growing number of Indian start-ups. There are more than 100 unicorns in over 70,000 start-ups in India, and their number continues to grow.”
He added, “Second, even during the pandemic, India continued to make many efforts to improve the ease of doing business. Thousands of rules have been changed to reduce the compliance burden on the business. The work is going on at a massive scale to bring in more transparency and consistency in Government policies and procedures.”
He further said, “Third, Infrastructure in India is also being improved on a large scale, and its expansion is also taking place. For the same, India has prepared a National Master Plan. There are investment opportunities of $1.5 trillion under our National Infrastructure Pipeline.”
“And fourth, the kind of digital transformation taking place in India today, it has never been seen in the world stage. The value of the Indian digital economy will reach 1 trillion dollars by 2025,” Modi said.
He also said that the growth of the digital sector encouraged the participation of women in the workforce. “There are approximately 36% women out of 4.4 million professionals working in our IT sector. The maximum benefit from Technology-based financial inclusion has also been gone to the women in our rural areas. BRICS Women Business Alliance can undertake study in this transformative change in India.”