PM says, Indian economy will grow by 7.5%

By Our Special Correspondent

Prime Minister Narendra Modi said on 22 June said that the Indian economy is expected to grow by 7.5 per cent this year making it the fastest growing major economy. He said its value will reach USD one trillion by 2025 and that the government is supporting innovation in every sector.

During a virtual address at the opening ceremony of the BRICS (Brazil-Russia-India-China-South Africa) Business Forum, Modi said there are investment opportunities to the tune of USD 1.5 trillion under the country's National Infrastructure Pipeline.

He said that the kind of digital transformation that is taking place in India today has never been seen in the world before. "In order to deal with the economic problems arising out of the pandemic, in India we have adopted the mantra of "reform, perform and transform. And the results of this approach are evident from the performance of the Indian economy," he said.

Highlighting the growth of India's digital economy, he said its value will reach USD one trillion by 2025 and that the government is supporting innovation in every sector. "This year, we are expecting 7.5 per cent growth, which makes us the fastest growing major economy. Transformative changes are taking place in every sector in the emerging 'New India'," Modi said.

He said a key pillar of India's current economic recovery is technology-led growth and that the government has made innovation-friendly policies in many areas like space, blue economy, green hydrogen, clean energy, drones and geo-spatial data.

"Today, India has one of the best eco-systems in the world for innovation, which is reflected in the growing number of Indian start-ups. There are more than 100 unicorns in over 70,000 start-ups in India, and their number continues to grow," he said.