Emphasising that the five nations very much relied on intra-BRICS trade and commerce activity, Prime Minister Narendra Modi on Sunday said that its ‘Business Council’ was vital in linking trade, business opportunities, investments, innovation and doing away with bottlenecks among member nations.
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In his address to the BRICS business council, Narendra Modi said that the Indian government has already undertaken substantial reforms in the last two years to streamline and simplify governance for business’s in the country. “As a result we have moved upwards in almost all the global indices that measure such performance and transformed our country into one of the most open economies in the world,” he added. Modi indicated that the (economic) growth of the country was going strong and the government was taking steps to keep the momentum going.
Applauding the BRICS Business Council for living upto its expectation of expanding trade and business among BRICS nations, PM Modi credited the business council members for enhancing the ease of doing business, dismantling trade barriers, promoting skills development, establishing manufacturing supply chains and infrastructure development.
With reference to the performance of the New Development Bank (NDB) he congratulated the management for commencing the first batch of projects. “New Development Bank is fully operational now. We welcome bank’s priority for (funding) clean energy and sustainable infrastructure,” he said. PM Modi suggested that the BRICS Business Council must work closely with the NDB for identifying and implementing prospective economic projects.
He said that BRICS business partnerships created wealth and through technological innovations created jobs and contributed to capacity building of the BRICS nations. PM Modi commended the home contingent for hosting the First BRICS Trade Fair (New Delhi) for the BRICS nations and said that it promoted greater business awareness and commercial exchanges.