As this year marked the first in-person BRICS Summit after three years of virtual meetings, Prime Minister Narendra Modi’s market reforms, which have included cutting corporation tax from 35% to 25% and opening up India to more foreign investment, have freed up entrepreneurs and fired their ambitions and imagination.
National Vice President of the Bharatiya Janata Party (BJP), M Chuba Ao said to The Daily Guardian, “Thanks to Modi Govt, India is laying claim to economic superpower status. Not all battles in economic governance can be understood easily. Indian Opposition parties may not understand the hurdles faced by the Modi government during Covid-19. They forget the recession faced globally during the Corona period and the adverse fallout. The truth is, the economy cannot grow out of nothing. Unlike what happened in six decades under Congress, reform has been carried out by PM Narendra Modi in multiple sectors.”
In his address to the Summit, Prime Minister Narendra Modi had said: “Despite the turmoil in the global economy, India is today the fastest growing major economy in the world. Soon India will become a $5 trillion economy.
There is no doubt that India will be the growth engine of the world in the years to come.”
Ao further added, “Well, one can easily argue that under Shri Modi ji, India has converted times of hardship into opportunities for economic recovery, and its reforms have led to an increase in the ease of doing business. India was ranked 10th on the global economy ladder in 2014. Now India is the fifth.”
He added, “The SBI’s Economic Research Department predicted earlier this year that India would surpass Germany in 2027 and most likely Japan by 2028-29 at the current rate of growth and become the world’s 3rd largest economy.
Germany’s exit from the top five position will be historic as for the first time in three centuries, there will be no European country in that illustrious group. And India attains third position, it will be also an Asian era as China will be up there besides the United States.”