Prime Minister Narendra Modi said India adopted the mantra of reform, perform and transform to drive the economy out of the pandemic-led economic distress.
Speaking at the opening ceremony of the BRICS Business Forum, Modi said India supports innovation across every sector including drones, green energy and space, adding that by 2025, India’s digital sectors value will cross $1 trillion valuations.
The prime minister said the result of India’s approach of ‘reform, perform and transform’ is clearly visible on its economic performance. He said the Indian economy is expecting to grow at a rate of 7.5 percent this year, which will make it fastest growing major economy of the world.
In every emerging sector in the country, transformative changes can be seen, the prime minister said. He mentioned the technology-led growth as one of the aspects that led the economic recovery and also turned out to be one of the four pillars of the Indian economy today.
India is leading innovations in many sectors like green hydrogen, green energy, geospatial, drones, etc. “We are providing the best ecosystem in the world for innovations in India and the rising number of disruptive startups in the country is a proof of that,” he said.
India has over 70,000 startups and of these, over 100 are unicorns, Modi said.
Even during the pandemic, the government continued with various measures to improve ease of doing business in the country. “We ensured that businesses are not hit with unnecessary compliance burden. Thousands of laws were amended in this regard. We took steps to bring more stability and transparency in government policies and procedures.”
The government is focussed on improving infrastructure system in the country and a National Master Plan called ‘National Infrastructure Pipeline’ has been developed, which provides investment opportunities worth USD 1.5 trillion to investors across sectors.
Talking about the digital transformation, the PM said the kind of digital progress India is witnessing is unprecedented for the world.
