India supports innovation across every sector and its digital sector valuations will cross USD 1 trillion by 2025, said Prime Minister Narendra Modi on Wednesday as he underlined the role of BRICS countries amid the global focus on post covid recovery.

The Prime Minister made these remarks at the opening ceremony of the BRICS Business Forum being hosted by China in a virtual mode.

“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,” said PM Modi in a recorded keynote speech.

"India supports innovation across every sector including drones, green energy and space. By 2025, India’s digital sector value will cross USD 1 trillion valuations,” he said.

The Prime Minister noted that this year India is expecting 7.5 percent growth. “Which makes us the fastest-growing major economy. Transformative changes are taking place in every sector of emerging New India,” he added.

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 the 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 emphasises on ‘Ease of Living’, building infrastructure with PM GatiShakti, digital transformation and digital economy.”

PM Modi will be attending the 14th BRICS summit in a virtual mode on June 23-24.

“At the invitation of President Xi Jinping, Prime Minister Narendra Modi will be attending the 14th BRICS Summit hosted by China in virtual mode on 23-24 June 2022. This includes a High-Level Dialogue on Global Development with guest countries on June 24,” the Ministry of External Affairs said in an earlier statement.

The summit will host a High-Level Dialogue on Global Development with guest countries on June 24.

BRICS has become a platform for discussing and deliberating on issues of common concern for all developing countries. BRICS countries have regularly called for reform of the multilateral system in order to make it more representative and inclusive.

Discussions during the 14th BRICS Summit will cover intra-BRICS cooperation in areas such as counter-terrorism, trade, health, traditional medicine, environment, S&T and innovation, agriculture, technical and vocational education & training, and MSMEs.

The discussions are also likely on issues like reform of the multilateral system, combating the COVID-19 pandemic and global economic recovery, amongst others.

Chinese President Xi Jinping will host the High-level Dialogue on Global Development in Beijing on June 24. The Summit will be held in virtual format under the theme of “Foster High-quality BRICS Partnership, Usher in a New Era for Global Development.”

BRICS is a multilateral forum consisting of five major emerging economies of the world, namely Brazil, Russia, India, China and South Africa. 

Image courtesy: ANI