Modi highlights BRICS' role in tackling economic challenges

Prime Minister of India Narendra Modi has said that the role of BRICS countries in tackling economic challenges is significant. Modi was speaking at the 15th BRICS Leaders Summit held at the Sandton Convention Centre in Johannesburg, South Africa, under the theme “BRICS and Africa: Partnership for Mutual Accelerated Growth, Sustainable Development and Inclusive Multilateralism.” Stating that BRICS has played a vital role in developing economic cooperation over the last decade, Modi noted that the role of BRICS countries in tackling economic challenges is significant. Emphasizing that the world had just emerged from the great financial crisis in 2009, when the first BRICS Summit was held, Modi said, “Back then, BRICS emerged as a beacon of hope for the global economy and today, amid the Covid-19 pandemic, tensions and disagreements, it is assuming the same role again.” Emphasizing that India has turned crises and challenges into opportunities for economic recovery, Modi stated that India has implemented reforms over the past few years, which have helped continuously improve the ease of doing business. "India will soon become a $5 trillion economy," said Modi, adding that a major step has been taken towards financial inclusion in India by utilizing technology. Modi emphasized that India is the country with the highest number of digital transactions in the world, and noted that there are various possibilities to work with BRICS countries in this area. Noting that a budget of approximately $120 billion has been allocated for infrastructure in India, Modi drew attention to the fact that rapid developments have been implemented in areas such as railways, roads and airways. Modi said that thanks to investment and production incentives, India's manufacturing sector has become competitive and logistics costs have decreased in the country. Emphasizing that India is among the world leaders in renewable energy, Modi conveyed that they continue to work to become a global production center in areas such as solar energy, wind energy, electric vehicles and green hydrogen. Stating that the people's income has increased approximately threefold in the last nine years, Modi also drew attention to the fact that women's participation in India's economic development has increased significantly. The Republic of South Africa is hosting the 15th summit of the BRICS group of countries, which includes Brazil, Russia, India, China and the Republic of South Africa, on August 22-24. The summit is of critical importance in terms of evaluating the acceptance of 22 countries that have applied to join BRICS and discussing the transition to a common currency.