New Delhi: India has never seen the kind of digital transformation like what is happening now, Prime Minister Narendra Modi told the opening ceremony of the BRICS Business Forum Wednesday.
The Prime Minister said the value of the Indian digital economy would reach USD 1 trillion by 2025, adding there was an opportunity to invest USD 1.5 trillion in India, according to the “national infrastructure pipeline”.
The ongoing 14th BRICS Summit, virtually hosted by China, is expected to cover cooperation in areas such as counter-terrorism, trade, health, traditional medicine, environment, science, technology and innovation, agriculture, technical and vocational education and training, and small and medium enterprises.
The Prime Minister emphasised that the government was supporting innovation in every sector, including drones, green energy and space. He added that “transformative changes” were taking place in “New India”.
“The key pillar of India’s economic recovery is technology-led growth with innovation and startups. The government stresses on ‘ease of living’, building infrastructure with PM GatiShakti, digital transformation and digital economy,” Modi told the forum.
He also said the Indian economy is expected to grow 7.5 per cent this year. “This makes us the fastest-growing major economy,” Modi said.
“BRICS was established with the belief that this group of emerging economies could emerge as engines of global growth. Today, when the world is focusing on post-Covid recovery, the role of BRICS countries will be very important,” Modi said of the forum of Brazil, Russia, India, China and South Africa.
The virtual event is set to bring together Narendra Modi with Chinese President Xi Jinping, Russian President Vladimir Putin, South Africa’s Cyril Ramaphosa and Brazil’s Jair Bolsonaro.