Beijing

India's Prime Minister Narendra Modi has praised the reforms made in India in the past few years and hailed the 'ease of doing business' for investors in the world's fifth-largest economy.

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"We have replaced red tape with red carpet for investors," said Modi, in a business forum meet of the BRICS meeting on Tuesday (Aug 22) that had the physical presence of the heads of nations of Brazil, India and South Africa while Russian President Vladimir Putin was present virtually. 

Interestingly, Chinese leader Xi Jinping was not present in the forum for unspecified reasons.

Modi also pitched India's Unified Payment Interface (UPI) to the BRICS nations and hailed the way the instant digital payment service is available for use across India, "from street vendors to the shopping mall". 

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He said India has the highest number of digital transactions in the world, making the country attractive for countries like UAE, Singapore, and France to join this platform.

He said, "India has made a significant leap in financial inclusion with rural women benefitting the most."

PM Modi said that India is playing a "transformative" role in boosting the global economy with a remarkable leap in the ease of doing business.

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"India's success is accredited to the nation's ability to transform adversity into an economic reform opportunity, with an emphasis on reducing compliance burdens and facilitating the ease of doing business," he said.

Taking to X, formerly known as Twitter, PM Modi wrote, "Over the last few years we have made immense strides in IT, semiconductors and other such futuristic sectors. Our economic vision also places immense importance on the empowerment of women."

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