PM Modi says India to become 5th largest economy

Prime Minister Narendra Modi today said India is on the way to becoming the fifth largest economy in the world. Speaking at the India-South Africa Business Summit in New Delhi, he said India is the world’s fastest-growing major economy and the government is committed to reforms that will further propel it.

At USD 2.6 trillion, the Indian economy is currently ranked sixth in the world behind the US, China, Japan, Germany and the UK. Modi listed out government’s initiatives including the push for boosting domestic manufacturing through Make in India and digitising the economy through Digital India.

Earlier, India and South Africa hold talks to strengthen ties and work on reforms made by United Nations. Prime Minister Modi said, “Both are strategically located at Indian ocean and democracies. We are the inheritors of the legacy of Mahatma Gandhi and Nelson Mandela and that is why we share a world view. We are also working together towards United Nations security council reforms” 

India and South Africa have tied 3-year strategic progamme of cooperation between the countries to boost bilateral trade and resolve issues. 

South African President Cyril Ramaphosa expressed his gratitude to India for its support to Pretoria for its bid for a non-permanent member of United Nations security council and said, “Our tenure will focus on extending peace and security in the world and strengthen the multilateral system.”

India and South Africa bilateral ties are more than $10 bn and both the countries are members of G20, BRICS, IORA & IBSA. Earlier, South Africa’s President Cyril Ramaphosa was given a ceremonial reception at Rashtrapati Bhawan.

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