India is expected to grow by 7.5% this year, making it the fastest-growing major economy on the back of the government’s initiatives in technology-led growth, ease of doing business and the digital sector, Prime Minister Narendra Modi said on Wednesday.
Modi made the remarks while speaking at the virtual inaugural ceremony of the BRICs Business Forum, which was held ahead of the grouping’s virtual summit on Thursday. He stated that the role of Brics member states has become increasingly important as the world focuses on post-Covid recovery.
“This year, we are expecting 7.5% growth, which makes us the fastest-growing major economy. Transformative changes are taking place in every sector in the emerging ‘New India’,” he said.
India adopted the mantra of “reform, perform and transform” to deal with economic problems arising from the pandemic, and the results of this approach are “evident from the performance of the Indian economy”, he said.
Modi attributed the Indian economy’s recovery to four pillars: technology-led growth, efforts to improve the ease of doing business, infrastructure improvement, and digital transformation.
“We are supporting innovation in every sector. We have made innovation-friendly policies in many areas such as space, blue economy, green hydrogen, clean energy, drones, geo-special, and data,” he said.
India now has one of the best innovation ecosystems, as evidenced by the growing number of start-ups. He also mentioned that India has more than 100 unicorns among its 70,000 start-ups.
Even during the pandemic, India continued improving the ease of doing business, and thousands of rules were changed to reduce the compliance burden on business.
“Massive work is being done to bring more transparency and consistency in government policies and procedures,” PM Modi said.
Infrastructure is being improved and expanded on a large scale, and a national master plan has been prepared for this. “There are investment opportunities worth $1.5 trillion under our National Infrastructure Pipeline,” he said.
“And fourth, the kind of digital transformation happening in India today has never been seen before in the world. By 2025, the value of the Indian digital economy will reach $1 trillion,” he added.
The growth of the digital sector has encouraged women to enter the workforce, and approximately 36% of the 4.4 million professionals working in the IT sector are women. “Our rural women have also reaped the greatest benefits from technology-based financial inclusion,” he added.
Modi requested that the Brics Women Business Alliance conduct a study on this transformative change, as well as a dialogue among group members on innovation-led economic recovery. He proposed that the Brics Business Forum create a platform for regular exchanges between start-ups.