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Tech-led growth, ease of doing biz, digital transformation tops PM’s list

Prime Minister Narendra Modi on Wednesday emphasised on technology-led growth, ease of doing business, infrastructure expansion, and digital transformation that, he said, is bringing transformative changes in every sector in the emerging ‘New India’.

Modi said India has adopted the mantra of ‘reform, perform and transform’ in order to deal with the economic problems arising out of the pandemic, which, he said, is evident from the performance of the Indian economy.

He made the remarks while virtually addressing the BRICS Business Forum 2022.

Describing technology-led growth as a key pillar of India’s current economic recovery, Modi said India is supporting innovation in every sector and made innovation-friendly policies in many areas such as space, blue economy, green hydrogen, clean energy, drones, geo-spatial data, etc.

Listing out the efforts to improve the ease of doing business, the Prime Minister said how his government has changed thousands of rules to reduce the compliance burden on the business and how massive work is going on to bring in more transparency and consistency in government policies and procedures.

Stating that infrastructure expansion is happening on a large scale, for which India has also prepared a national master plan, Modi informed the business forum of how it provided investment opportunities of $1.5 trillion under the National Infrastructure Pipeline.

Modi also highlighted the digital transformation taking place in India, and said: “The value of the Indian digital economy will reach $1 trillion by 2025.”

The growth of the digital sector has also encouraged the participation of women in the workforce, he said, adding: “There are approximately 36 per cent women out of 4.4 million professionals working in our IT sector.”

Modi also said, the maximum benefit from technology-based financial inclusion has gone to the women in rural areas, and suggested that BRICS Women Business Alliance can undertake a study in this transformative change taking place in India.

The Prime Minister concluded by suggesting the BRICS Business Forum to develop a platform for regular exchanges between India’s StartUps.

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