Prime Minister Narendra Modi, virtually addressing the BRICS (Brazil-Russia-India-China-South Africa) Business Forum on Wednesday said that the Indian economy is expected to register a 7.5 per cent this year.
"We are expecting a 7.5-per cent growth rate this year that will make us the fastest-growing major economy," Modi said, adding that the value of the Indian digital economy is slated to touch $1 trillion by 2025.
Showcasing India’s economic power and strong recovery in the post Covid pandemic phase, the Prime Minister said that there is an opportunity to invest $1.5 trillion under the country's national infrastructure pipeline.
Modi said that the emerging economies would be the engine of global growth and the BRICS forum was set up to drive this. “Today as the world focuses on post Covid recovery, the role and contribution of the BRICS countries will be crucial,” Modi said a day ahead of the two day BRICS virtual summit.
India has adopted the mantra of ‘reform, perform and transform’ and this approach has paid dividends. He added that the “New India” is being driven by technology. “We are supporting innovation in every sector,” he said.
The BRICS consumption markets are worth more than $4 trillion, “equivalent to those of the eurozone.”
The BRICS summit will be keenly watched as this will be the first international forum since the Russia-Ukraine war broke out, where Russian President Vladimir Putin will be present.
Putin, in his address today, said that despite the ‘politically motivated sanctions, sanctions thrashed against his country total trade with Brazil, India, China and South Africa rose 38 per cent in the first three months of the year to $45 billion.
“Russian oil supplies to China and India are growing noticeably," Putin added.
Amid stringent sanctions thrashed out by the US and European Union, Russia is looking to strengthen the BRICS platform.
The BRICS block, home to 42 per cent of the global population, accounts for 25.7 per cent of world GDP. The World Economic Forum noted that the BRICS countries attract more than 18 per cent of the global total of foreign investment, hold 40 per cent of all foreign-exchange reserves, and account for 30 per cent of total foreign holdings of US Treasury bonds.