Prime Minister Narendra Modi on Wednesday said the Indian economy is likely to grow by 7.5 per cent this year "making us the fastest-growing major economy." He also said the value of the Indian digital economy would touch the $1 trillion mark by 2025.
Making this assertion in a virtual address at the Brazil, Russia, India, China and South Africa (BRICS) Business Forum, he also said the kind of digital transformation taking place in India was never seen anywhere in the world earlier. Highlighting the growth trajectory, Modi said there is an opportunity to invest $1.5 trillion under the national infrastructure pipeline.
The BRICS grouping brings together five of the largest developing countries of the world, representing 41 per cent of the global population, 24 per cent of the global GDP and 16 per cent of the global trade.
"We are expecting a 7.5 per cent growth rate this year that will make us the fastest-growing major economy," Modi said. In a 'New India' transformative changes are taking place in every sector, he said, adding that a key pillar of the country's economic recovery is technology-led growth. He also said, "We are supporting innovation in every sector."
The BRICS Business Forum took place a day ahead of a virtual summit of the five-nation bloc. Modi will take part in the 14th BRICS Summit on June 23 and 24 at the invitation of Chinese President Xi Jinping. The summit hosted by China will be held in the virtual mode. The conclave includes a High Level Dialogue on Global Development.
The upcoming summit takes place in the backdrop of the ongoing Ukraine conflict and stand-off between the armies of India and China in Eastern Ladakh for the last two years. The 13th BRICS summit was held in India in September 2021.
The BRICS has become a platform for discussion and deliberation on issues of common concern for all developing countries. BRICS countries have regularly called for reform of the multilateral system in order to make it more representative and inclusive.
Discussions during the 14th BRICS Summit are expected to cover intra-BRICS cooperation in areas such as counter-terrorism, trade, health, traditional medicine, environment, science and technology and innovation, agriculture, technical and vocational education and training, and MSMEs.
Discussions are also likely on issues like reform of the multilateral system, combating the Covid-19 pandemic and global economic recovery, among others.