India will be a developed country with US$5 trillion economy by 2047, says Modi

India’s Prime Minister Narendra Modi announced at the BRICS Summit that India aspires to become a developed country by 2047.

Notably, India has been recognized for its rapid economic growth, positioning it among the fastest-growing economies globally.

Prime Minister Modi highlighted that India is on track to have an economy worth US$5 trillion in the near future.

“In the upcoming years, India will be the global growth engine,” he stated.

Modi attributed this prospective growth to India’s ability to transform challenges and hurdles into economic opportunities.

He further revealed that for the year 2023, India has allocated approximately $120 billion for national infrastructure projects. With an average construction of 10,000 kilometers of roads annually, Modi expressed optimism about laying a strong foundation for a brighter and more prosperous India in the coming decades.

BRICS, an association of five major emerging national economies: Brazil, Russia, India, China, and South Africa, held its summit from August 22nd to 24th, 2023 in Johannesburg, South Africa.

The summit saw the participation of several authorities from the member countries, including Brazilian President Luiz Inácio Lula da Silva.

The BRICS nations, collectively, have significant influence on regional affairs, and all are members of the G20.

As emerging economies, their combined efforts in these summits often focus on mutual cooperation, infrastructure development, and strengthening economic ties.

Their meetings are essential for discussing shared interests and strategies for collective growth and prosperity.

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