PM Narendra Modi addressed the BRICS Business Forum 2022 and said that Technology-led growth, Ease of doing business, Infrastructure and Digital Transformation are the key pillars of India’s current economic recovery. He said that when the whole world is focusing on post-COVID recovery, the role of BRICS countries will continue to remain very important.
Speaking on the way India is attempting to recover from the pandemic, the PM said India has adopted the mantra of “reform, perform and transform”. With an expected 7.5 percent growth, making it the fastest growing major economy, transformative changes are taking place in every sector in the emerging ‘New India’, he said.
Innovation in every sector, innovation-friendly policies in many areas like space, blue economy, green hydrogen, clean energy, drones, geo-spatial data, etc have played a key role in India’s current economic recovery is technology-led growth, he said. This is reflected in the growing number of Indian start-ups as there are more than 100 unicorns in over 70,000 start-ups in India, and their number continues to grow.
On the ease of doing business in India he said that thousands of rules have been changed to reduce the compliance burden on the business. Work is going on at a massive scale to bring in more transparency and consistency in Government policies and procedures, he stressed.
On infrastructure being another key pillar of economic recovery, the said that India has prepared a National Master Plan where investment opportunities of $1.5 trillion under National Infrastructure Pipeline is in the offing.
PM Modi said that the kind of digital transformation taking place in India today, has never been seen in the world stage. The value of Indian digital economy will reach 1 trillion dollars by 2025. The growth of the digital sector also 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, he said.
Suggesting that the BRICS Business Forum may develop a platform for regular exchanges between our startups, he concluded by saying that all nations must have a useful dialogue on innovation-led economic recovery.