India will soon become 5 trillion dollar economy: PM Modi in S Africa

JOHANNESBURG: In his address at the BRICS Business Forum Leaders’ Dialogue in Johannesburg, Prime Minister Narendra Modi said on Tuesday that India will soon be a 5 trillion dollar economy and in the coming years will be the growth engine of the world.

He expressed gratitude towards South African President Cyril Ramaphosa for inviting him and organizing the meeting.

“My heartiest congratulations on the 10th anniversary of the BRICS business council. In the last 10 years, the BRICS Business Council has played a vital role in enhancing our economic cooperation,” PM Modi said.

BRICS came as a ray of hope for the world economy in 2009 when it was first held.

“In 2009, when the first BRICS Summit was held, the world was just coming out of a massive financial crisis. At that time, BRICS emerged as a ray of hope for the global economy. In the present times also, amongst the Covid pandemic, tensions and disputes, the world is dealing with economic challenges and in such times, once again the role of BRICS is important,” he added.

PM Modi said that India has converted the crisis into an opportunity. “We have enforced reforms in mission mode, removed the red tape and have seen a boost in investor confidence.”

Prime Minister Modi attended BRICS Business Forum Leaders’ Dialogue in Johannesburg, South Africa on Tuesday. Leaders of BRICS Countries Brazil, Russia, India, China, and South Africa were also present at the Business Forum.

PM Modi arrived in South Africa earlier today, where he will attend the 15th BRICS Summit in Johannesburg from August 22-24 at the invitation of the country’s president Matamela Cyril Ramaphosa.

PM Modi said he looks forward to holding bilateral meetings with “some of the leaders present in Johannesburg”.

“BRICS has been pursuing a solid cooperation agenda across various sectors. We value that BRICS 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,” the PM said in a statement.

BRICS is a grouping of the world economies of Brazil, Russia, India, China, and South Africa.

The BRICS summit is being held from August 22-24. This will be PM Modi’s third visit to South Africa and the trip marks the 30th anniversary of the diplomatic relationship between India and South Africa.

This year’s BRICS is under the presidency of South Africa. The theme of this year’s summit is: “BRICS and Africa: Partnership for mutually accelerated growth, sustainable development and inclusive multilateralism.” This will be the first in-person BRICS Summit after three consecutive years of virtual meetings owing to the Covid-19 pandemic.