Indian Economy Expected to Grow by 7.5 Per Cent this Year PM
                      
 
Indian Economy Expected to Grow by 7.5 Per Cent 
this Year: PM 
 
The Indian economy is expected to grow by 7.5 per cent this year which will make it 
the fastest growing major economy, Prime Minister Narendra Modi said on 
Wednesday. 
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. 
In 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. 
"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. 
"Second, even during the pandemic, India continued to make many efforts to improve 
the ease of doing business. Thousands of rules have been changed to reduce the 
compliance burden on the business," Modi said. 
He said the work is going on at a "massive scale" to bring in more transparency and 
consistency in government policies, adding infrastructure in India is also being 
improved on a large scale. 
"India has prepared a National Master Plan. There are investment opportunities of 
USD 1.5 trillion under our National Infrastructure Pipeline. The value of the Indian 
digital economy will reach 1 trillion dollars by 2025," Modi said. 
He said the growth of the digital sector also encouraged the participation of women in 
the workforce. 
"There are approximately 36 per cent women out of 4.4 million professionals working 
in our IT sector. The maximum benefit from technology-based financial inclusion has 
also gone to the women in our rural areas," he said. 
Modi said BRICS women business alliance can undertake study in this transformative 
change in India. 
"Similarly, we can have a useful dialogue on innovation-led economic recovery. I 
suggest that the BRICS Business Forum may develop a platform for regular 
exchanges between our startups," he said. 
The BRICS brings together five of the largest developing countries of the world, 
representing 41 per cent of the global population, 24 per cent of the global GDP and 
16 per cent of the global trade. 
 
 
Modi will join Chinese President Xi Jinping and Russian President Vladimir Putin in 
the virtual annual summit of the five-nation grouping. Brazilian President Jair  
Bolsonaro and South African President Cyril Ramaphosa are also set to attend the 
summit. 
"At the invitation of President Xi Jinping, Prime Minister Narendra Modi will be 
attending the 14th BRICS Summit hosted by China in virtual format on June 23 and 
24. This includes a high-level dialogue on global development with guest countries on 
June 24," the MEA said in a statement on Tuesday.