India to be a $5 tn economy soon: PM

New Delhi: At the Brics business forum leaders' dialogue late on Tuesday evening in the South African city of Johannesburg, Prime Minister Narendra Modi hailed India as the fastest-growing major economy in the world and invited more global investment.

A day ahead of the 15th Brics summit, the Prime Minister, in the presence of South African President Cyril Ramaphosa and Brazilian President Luiz Inacio Lula da Silva, among others, said, "Soon we will be a $5 trillion economy. India will be the growth engine of the world."

At the Brics business forum leaders' dialogue, the Prime Minister told the audience that various economic reforms are being carried out by his government in mission mode and that global challenges have been converted into opportunities, due to which the ease of doing business in India has improved and red tape has been replaced with a red carpet for investors.

Mr Modi pointed out how the reforms have benefited India’s poor with direct benefit transfers into their accounts and boosted service delivery and financial inclusion.

The Prime Minister reiterated that India has set the goal of becoming a developed nation by 2047.

The Prime Minister also talked about the UPI payment interface and said that even the UAE, France and Singapore have joined the initiative. He pointed out that India has emerged as the country with the largest number of digital transactions worldwide.

Mr Modi said that his government has allocated a whopping $120 billion for infrastructure and that the manufacturing sector in India has become more competitive. The Prime Minister also talked about the government's productivity-linked incentives for various sectors, India’s success in the startup sector and the Make in India initiative.

On Wednesday, Mr Modi will participate in the Brics summit and also hold bilateral meetings with other leaders. However, the suspense over his bilateral meeting with Chinese President Xi Jinping continues since this possibility has not yet been ruled out.

Ahead of the speeches by the leaders, the Brics business forum read out the findings of business delegates and admitted that there was no consensus on the issue of a common currency for the Brics nations.

In other remarks on Tuesday evening, the South African President said the Brics leaders will discuss the issue of the expansion of the grouping at the Brics leaders' retreat that will be held later in the evening (Tuesday night IST).

Russian President Vladimir Putin, who addressed the meeting in virtual mode, blasted the West for the economic sanctions imposed on Russia.

The Chinese commerce minister who read out President Xi’s remarks said that Beijing also supports the expansion of the Brics grouping and is "opposed to hegemonism, confrontation and a zero-sum game".

In a formal statement, New Delhi said, "The Prime Minister invited the Brics business leaders to participate in India’s developmental journey. The Prime Minister noted that Covid-19 has highlighted the importance of resilient and inclusive supply chains and emphasised the importance of mutual trust and transparency in this regard. He also stressed that together, the Brics can contribute significantly to global welfare, particularly of the Global South."

Earlier, Mr Modi landed at the Waterkloof Air Force Base in Johannesburg and was warmly welcomed at the airport by South African deputy president Paul Shipokosa Mashatile.

Speaking before his departure from New Delhi earlier in the day, the Prime Minister said the Brics forum "has become a platform for discussing and deliberating on issues of concern for the entire Global South, including development imperatives and reform of the multilateral system".