Meanwhile, the scenario of the country is changing due to large-scale investment in India's infrastructure.
"In this year's budget, we have kept a provision of about USD 120 billion for infrastructure. By way of this investment, we are laying a strong foundation for a new India of the future. Rapid changes are coming into effect in all areas of rail, water, infrastructure and airways," the PM added.
AdvertisementHe further said that today, new highways are being constructed in India at a speed of ten thousand kilometres per year. The number of airports has doubled in the last nine years.
Moreover, to promote investment and production, we have implemented a Production Linked Incentives scheme.
"India's manufacturing sector is becoming competitive due to reduction in logistics cost. India is one of the world leaders in the field of Renewable Energy. We are making active steps to make India a global manufacturing hub in areas like solar energy, wind energy, electric vehicles, green hydrogen, green ammonia," he said.
Naturally, this will create a big market for renewable technology in India. Today India has the third-largest start-up ecosystem in the world. There are currently more than a hundred unicorns in India, he said.
Emphasizing the vision of "Make in India, Make for the World" he said that in sectors like IT, Telecom, FinTech, AI and semiconductors we are moving forward.
"All these efforts have had a direct positive impact on the lives of common people. The income of the people has increased almost three times in the last nine years," he said at Business Forum.
Highlighting the role of women in all sectors, the PM said that there has been a strong participation of women in the economic development of India.
"From IT to Space, from banking to healthcare women are contributing to the progress of the country shoulder to shoulder with men," he added
PM Modi further invited all the countries to be part of India's development journey.
Despite the attendance of South Africa's Cyril Ramaphosa, Brazil's President Luiz Inacio Lula da Silva, and India's Prime Minister Narendra Modi, Chinese President Xi Jingping was notably absent from the event.
Russia's foreign minister Sergei Lavrov was present at the event.
Soon after the Business Forum, Prime Minister Narendra Modi arrived at the Summer Place in Johannesburg to participate in the BRICS Leaders Retreat where the leaders of the grouping will deliberate on global developments and explore how to utilize the BRICS platform effectively to address and resolve global challenges.
PM Modi was welcomed by South African President Cyril Ramaphosa.
Brazil's President Luiz Inacio Lula da Silva, Chinese President Xi Jinping and Russia's Foreign Minister Sergei Lavrov are attending the BRICS Leaders Retreat.
PM Modi arrived in South Africa earlier on Tuesday to attend the 15th BRICS Summit in Johannesburg from August 22-24 at the invitation of the country's president Matamela Cyril Ramaphosa.
This will be PM Modi's third visit to South Africa and the trip marks the 30th anniversary of the diplomatic relationship between India and South Africa.
This year's BRICS is under the presidency of South Africa. The theme of this year's summit is: "BRICS and Africa: Partnership for mutually accelerated growth, sustainable development and inclusive multilateralism."
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
