India’s digital economy will become worth $1 trillion by 2025, Prime Minister Narendra Modi said on Wednesday adding the kind of digital transformation that is happening in India has never been witnessed anywhere in the world.
Addressing the BRICS Business Forum, Modi said India was expecting 7.5 percent growth this year, making it the fastest-growing economy. ”We have adopted the ‘mantra’ of Reform, Perform and Transform…the performance of the Indian economy through this approach is quite evident,” he added.
The BRICS comprises Brazil, Russia, India, China, and South Africa.
PM Modi said technology-led growth was the pillar of India’s economic recovery post the Covid pandemic. ”We are supporting innovation in every sector. India, he said, has the best eco-system for innovation and this was reflected in the growth of the start-ups in the country.
He said India has formulated innovation-friendly policies in sectors like space, blue economy, green hydrogen, clean energy, Geo special and data. The country has continued its efforts toward ease of doing business even in the midst of the pandemic.
The PM said his government was also working on making policies and procedures transparent and stable. India was also making huge progress on infrastructure and has formulated a national plan for this purpose.
He made an appeal to the BRICS Business Forum to set up a platform where start-ups from the five-member countries could exchange views.