Prime Minister Narendra Modi on Tuesday said India will soon become a $5 trillion economy and is poised to become the growth engine of the world in the coming years.

Photograph: ANI/Twitter

Speaking at the BRICS Business Forum Leaders' Dialogue, Modi highlighted that "mission-mode" reforms has improved the ease of doing business in India and invited businesses to be part of the country's development journey.

While mentioning about the strides made by India on the digital payments front, Modi said there are many possibilities for using the Unified Payments Interface (UPI) for BRICS.

He also said that Brazil, Russia, India, China and South Africa (BRICS) together can contribute significantly to global welfare, particularly of the Global South.

The prime minister, who is in South Africa to participate in the first in-person summit of BRICS nations since 2019, told the gathering that despite the turmoil in the global economy, India today is the fastest growing major economy in the world.

"Soon, India will become a $5 trillion economy.

“There is no doubt that India will be the growth engine of the world in the years to come," Modi said and added that the country converted disasters and hardships into opportunities for economic recovery.

"The reforms that we have done in the mission mode in the last few years have resulted in continuous improvement in the ease of doing business in India," he said.

Highlighting the reforms undertaken, including technology-based solutions to address the social and economic challenges, as well as the efforts to reduce the compliance burden, Modi said India is now rolling out the red carpet by removing the red tape.

Investor confidence has increased due to the implementation of Goods and Services Tax (GST), and the Insolvency and Bankruptcy Code, the prime minister said and asserted that the people of India have taken a pledge to become a developed nation by 2047.

Inviting businesses to join India's development journey, Modi said New Delhi has opened up sectors like defence and space for private investments, and that manufacturing sector is becoming competitive due to reduction in logistics cost.

Further, the prime minister said his government is taking steps to make India a global manufacturing hub in areas like solar energy, wind energy, electric vehicles, green hydrogen, green ammonia.

"It is natural that this will create a big market for renewable technology in India," he said.

With the use of technology, Modi said India has taken a giant leap towards financial inclusion, and rural women have benefited the most.

Direct Benefit Transfers (DBT) worth more than $360 billion have been done, resulting in increased transparency in service delivery, and reducing corruption and middlemen, he said.

Referring to the UPI (Unified Payments Interface) platform, Modi said it is used in India from street vendors to big shopping malls.

Countries like UAE, Singapore and France are joining the UPI platform and there are many possibilities of working on this with BRICS countries as well, Modi said.

Large scale investments are being made in infrastructure that will lay a strong foundation for a new India of the future.