PM Narendra Modi says Indian economy expected to grow by 7.5% this year

At BRICS Business Forum, Indian Prime Minister Narendra Modi on Wednesday (June 22) said that the Indian economy is expected to grow by 7.5% this year. He said that the country's success is based on technology-led growth with innovation and startups. PM Modi said that the Indian government emphasises "Ease of Living", building infrastructure with PM GatiShakti, digital transformation and digital economy.

He said that this year India is expecting 7.5% growth, which makes the country the fastest-growing major economy. As per the Prime Minister, transformative changes are taking place in every sector of emerging "New India".

Speaking further in the virtual address of BRICS (Brazil-Russia-India-China-South Africa), the Indian Prime Minister said that India supports innovation across every sector including drones, green energy and space. He noted that by 2025, India's digital sector's value will cross $1 trillion valuations.

In his opening remarks, PM Modi said that 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 coronavirus (COVID-19) recovery, the role of BRICS countries will be very important.

PM Modi will join Chinese President Xi Jinping and Russian President Vladimir Putin in the virtual annual summit of the five-nation grouping. Brazilian President Jair Bolsonaro and South African President Cyril Ramaphosa are also set to attend the summit.