PM Narendra Modi asserts government’s economic reforms to attract BRICS nations

XIAMEN, CHINA: Prime Minister Narendra Modi on Monday took the opportunity of the presence four other BRICS leaders and industry leaders from these countries to highlight economic reforms undertaken by his government -- by describing GST biggest economic measure ever and referring to all time hike of FDI inflow by 40 per cent – with an eye on attracting further investment.

“India is changing fast into one of the most open economies in the world today. Foreign Direct Investment inflows are at an all-time high, rising by 40 per cent. India has moved up in the World Bank Index of Ease of Doing Business. Similarly, we have moved up 32 spots in last two years in the Global Competitiveness Index,”’ Modi highlighted while addressing BRICS Business Council here.

The Goods and Services Tax that was introduced in July is India’s biggest economic reform measure ever, the PM said, adding, “In one stroke, a unified market of 1.3 billion people has been created. Programmes like Digital India, Start Up India and Make in India are changing the economic landscape of the country. They are assisting India turn into a knowledge based, skill supported and technology driven society.”

Understandably the PM’s target was to attract more investments in India for his flagship projects to boost growth.

Referring to the developments made by BRICS in area of business partnership, Modi said, “I am happy to note that the BRICS Business Council also has matching priorities of trade & investment facilitation, promoting skills development, infrastructure development, SME Development, e-commerce and digital economy…Your work towards establishment of a BRICS Rating Agency, energy cooperation, green finance, and digital economy is particularly noteworthy...And we also count on the BRICS Business Council to take us closer to our common objective of improving business and investment cooperation.”

Earlier the BRICS Summit also adopted Cooperation Memorandum Relating to Credit Ratings Under BRICS Interbank Cooperation Mechanism and Memorandum of Understanding Between BRICS Export Credit Agencies and the New Development Bank on General Cooperation. The BRICS hope to put in place a Credit Ratings Agency amid poor ratings received by BRICS countries by Western credit rating agencies. The BRICS CRA represents a milestone of BRICS financial cooperation and development, which also contributes to global financial stability, according to Summit declaration.