India will be the growth engine of the world in the coming years, Prime Minister Narendra Modi said Tuesday.
Speaking at the BRICS Business Forum Leaders' Dialogue in Johannesburg, South Africa, Modi said despite the turmoil in the global economy, "India is currently the fastest-growing major economy in the world" and "soon, India will become a $5 trillion economy."
"This is because India has transformed times of adversity and challenges into an opportunity for economic reforms," he said. "In the past few years, the reforms we have undertaken in mission mode have led to consistent improvement in the ease of doing business in India."
Inviting all the forum "to be a part of India's journey of development," Modi said the COVID-19 pandemic has "taught us the importance of resilient and inclusive supply chains."
"By combining each other's strengths, we can contribute significantly to the well-being of the entire world, especially the Global South," he said.
The top Indian leader also said that over the past 10 years, the BRICS Business Council has played a very important role in "enhancing our economic cooperation."
"When the first BRICS summit was held in 2009, the world was coming out of a major economic crisis," he said, adding at that time, BRICS was seen as "a ray of hope for the global economy."
"In the present time as well, amid the COVID pandemic, tensions and conflicts, the world is grappling with economic challenges," he said. "In such times, the BRICS nations once again have a significant role to play."
Modi arrived in Johannesburg on Tuesday on a visit to South Africa from Aug. 22-24 to attend the 15th BRICS Summit. From South Africa, he will travel to Athens, Greece on Aug. 25, India's Foreign Ministry said earlier.
