BRICS Business Forum: Modi showcases India’s growth story and development journey

JOHANNESBURG: Showcasing India’s emergence as the growth engine for the world, Prime Minister Narendra Modi exhorted BRICS countries to participate in the country’s development journey and pitched for greater intra-BRICS collaboration for the well-being of the global South.

Addressing the BRICS Business Forum Leaders’ Dialogue at the Sandton Convention Centre, PM Modi, who touched down in Johannesburg for a three-day visit to a stirring welcome on August 22, underlined that despite the turmoil in the global economy, India is currently the fastest-growing major economy in the world. “Soon, India will become a five trillion-dollar economy. There is no doubt that in the coming years, India will be the Growth Engine of the world,” he told the business leaders and the leaders of BRICS countries listening in.

Mr Modi highlighted a slew of reforms taken by his government to improve the ease of doing business, which has replaced red tape with red carpet. “This is because India has transformed times of adversity and challenges into an opportunity for economic reforms. In the past few years, the reforms we have undertaken in mission mode have led to consistent improvement in the ease of doing business in India.”

With the world listening in, Mr Modi also showcased how India has harnessed new-age technologies to promote financial inclusion. “The greatest benefit of this has been received by our rural women. Today, millions of people in India receive Direct Benefit Transfers with just a click.” The transfers under this scheme are estimated to over $360 billion.

“I invite all of you to be a part of India’s journey of development,” said Mr Modi.

Mr Modi also placed intra-BRICS cooperation in the context of the current focus on the Global South. “By combining each other’s strengths, we can contribute significantly to the well-being of the entire world, especially the Global South.” Advancing interests of the Global South features prominently in the BRICS agenda as well as in India’s G20 presidency.

In his remarks, South African President Cyril Ramaphosa underscored the need for forge stronger ties between the peoples of our five nations. “The BRICS group of countries exists not only to strengthen government-to-government relations, but also to forge stronger ties between the peoples of our five nations. It is for this reason that several bodies have been established since the BRICS bloc was formed to enable cooperation across society (business, political parties, the social sector, the sporting sector),” said Mr Ramaphosa. “The BRICS Business Council is a vital and vibrant platform for strengthening economic ties between our respective countries and in forging common perspectives on inclusive economic growth and development,” he said.

Brazil’s President Luiz Inacio Lula da Silva “advocated the idea of greater financial integration, where we could have a new reference unit which would not replace our national currencies.” “Joint bank must be a global leader in the financing of projects that address the most pressing challenges of our time by diversifying payment sources in local currencies,” he said.

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Manish Chand

Manish Chand is Founder-CEO and Editor-in-Chief of India Writes Network (www.indiawrites.org) and India and World, a pioneering magazine focused on international affairs. He is CEO/Director of TGII Media Private Limited, an India-based media, publishing, research and consultancy company.