Prime Minister Narendra Modi on Tuesday said India offered reliability and stability amid global uncertainty, calling for technology, innovation and economic strength to be used to empower people and create opportunities across countries.
Addressing the Bloomberg New Economy Forum in New Delhi, being held in India for the first time, PM Modi outlined a vision of “Power to Empower”, emphasising collaboration, inclusive growth and the sharing of capabilities.
“The real question is not who possesses power. Rather, the question is how that power is being used,” he said, asking whether technology and knowledge would benefit only a few or expand opportunities for millions.
PM Modi said the world was facing successive disruptions, from the COVID-19 pandemic and regional wars to pressures on trade, critical minerals and energy supplies. Supply chains, payment systems and technology were increasingly becoming instruments of pressure and dominance, he said.
Artificial intelligence was transforming industries, while ageing populations posed challenges for many economies. Against this backdrop, countries needed partners they could trust to maintain supplies, fulfil commitments and provide support during crises, he added.
“We do not grow at anyone’s cost. We grow with the world, and for the world,” PM Modi said.
Highlighting India’s economic position, the Prime Minister said growth stood at 7.8% in the April–June quarter. The current account deficit, which exceeded 4% of GDP 12–13 years ago, had declined to 0.61% last year, while foreign exchange reserves exceeded $700 billion.
He described the banking system as being in its strongest position in decades and linked sovereign rating upgrades to the country’s economic strength.
PM Modi said reforms were continuing with a clear policy direction. He cited GST’s role in creating a national market, the enactment of insolvency legislation, the consolidation of 29 labour laws into four labour codes and the decriminalisation of hundreds of minor business-related offences.
“For us, reforms are not a compulsion. Reforms are our conviction,” he said.
The Prime Minister highlighted affordable mobile data and digital connectivity as examples of technology widening access to education, customers and employment-related skills.
A student in a small town could access digital learning, a village shopkeeper could reach new customers and young people could enrol in online courses, PM Modi said.
He also encouraged international delegates to experience India’s digital payments ecosystem, noting that street vendors and large car showrooms used the same infrastructure despite operating at different scales.
India was sharing its Digital Public Infrastructure experience with the Global South and partner countries to help them develop systems suited to their needs, PM Modi said. He also referred to the open-source CoWIN platform developed during the pandemic.
On entrepreneurship, PM Modi said India now had more than 2.5 lakh startups, compared with a few hundred before 2014. Nearly half came from smaller cities and towns, while more than 45% had at least one woman director or partner.
He said wider access to innovation was allowing new talent and solutions to emerge.
PM Modi also highlighted the role of technology in welfare delivery, citing the JAM Trinity and Direct Benefit Transfer system. Direct transfers into beneficiaries’ bank accounts had reduced corruption and improved convenience, he said.
India had lifted 25 crore people out of poverty over the past decade, he added, arguing that government authority should make citizens capable rather than dependent.
The Prime Minister linked India’s domestic capabilities with its international contributions. During the pandemic, India supplied vaccines to more than 100 countries, he said.
He also referred to the AI Impact Summit hosted in India earlier this year, where discussions covered applications benefiting both people and animals.
“When the world needs affordable medicines, one out of every five generic medicines comes from India,” PM Modi said. He added that more than 2,000 Global Capability Centres in India were serving companies worldwide, while Indian digital models and skilled young professionals were supporting international needs.
On climate action, PM Modi said India had achieved its target of sourcing 40% of installed electricity capacity from non-fossil sources in November 2021, nine years ahead of the 2030 deadline. He described India as the first G20 country to reach the milestone.
Renewable energy capacity had increased from around 75 gigawatts in 2014 to approximately 300 gigawatts, he said.
PM Modi highlighted PM Surya Ghar and PM-KUSUM as initiatives connecting households and farmers with solar energy. Together, the schemes had delivered more than 30 gigawatts of solar capacity and were estimated to reduce annual carbon emissions by more than three crore tonnes, he said.
Solar power was becoming a means of environmental protection and public empowerment, he added.
The Prime Minister cited the International Solar Alliance, Coalition for Disaster Resilient Infrastructure, Big Cat Alliance, Global Biofuel Alliance, India–Middle East–Europe Economic Corridor and Mission LiFE as examples of initiatives intended to deliver shared benefits.
He also referred to the visions of “One Sun, One World, One Grid”, “One Earth, One Family, One Future” and “One Earth, One Health” as expressions of India’s emphasis on cooperation.
Describing India as the “Mother of Democracy”, PM Modi highlighted its diversity of languages and media platforms. He said the country had more than 100 languages, nearly 80,000 registered newspapers and publications, over 1,000 satellite television channels, and more than 50 crore users each on YouTube and Instagram.
Welcoming delegates, PM Modi thanked Bloomberg for bringing the forum to India and praised his longstanding commitment to the country.
Concluding with a Vedic call to walk together, engage in dialogue and understand one another, PM Modi urged participants to use their capabilities to create opportunities for others and address shared global challenges.
