India grows with the world, not at its expense: PM Modi at Bloomberg forum

Prime Minister Narendra Modi on Tuesday pitched India as a reliable global economic partner, saying its growth was driven by strong macroeconomic fundamentals, sustained reforms and inclusive technology. Addressing the Bloomberg New Economy Forum, Modi highlighted India's 7.8% GDP growth in the April-June quarter, forex reserves exceeding $700 billion, and a rapidly expanding startup ecosystem as evidence of its economic resilience. 

"We do not grow at anyone's cost. We grow with the world and for the world," Modi said, positioning India as a source of stability amid geopolitical tensions and intensifying global competition for critical technologies and resources. 

"In this world full of uncertainties, India inspires reliability and stability," he said. 

Strong fundamentals underpin growth 

The Prime Minister said India's economic growth was supported by strong macroeconomic fundamentals and reforms spanning taxation, insolvency, and labour laws. He also pointed to the sharp improvement in the country's current account deficit, which has declined from more than 4% of GDP 12-13 years ago to around 0.5%. 

"This year, in the April to June quarter, India's economic growth was 7.8%. And this growth is taking place on a strong foundation," he said. 

Emphasising the role of reforms in strengthening the economy, Modi said India viewed them as a long-term commitment rather than a response to immediate pressures. "For us, reforms are not a compulsion. Reforms are our conviction," he said. 

Modi noted that a country's economic and technological strength should not be judged solely by the power it commands, but by how effectively it creates opportunities for others. "The real question is not who has the power. The real question is, how is this power being used?" he said, describing his approach as "power to empower". 

Digital payments showcase inclusive technology 

Modi highlighted India's digital public infrastructure, particularly its digital identity and payments systems, as examples of how technology could expand access to economic opportunities. He said India was sharing its experience in digital infrastructure with partner countries, especially in the Global South. 

Inviting international delegates to experience the country's digital payment ecosystem, Modi said the platform enabled businesses of vastly different sizes to participate in the same digital economy. 

"In our country, a street vendor and a car showroom have different kinds of businesses and operate at different scales, but in India, both use the same digital payment platform," he said. Emphasising the importance of making technology accessible across economic segments, he said, "This is the power of inclusive technology."  

Modi also highlighted India's clean-energy capacity and digital innovation as areas where domestic capabilities could support broader economic development. 

Startup ecosystem expands beyond major cities 

The Prime Minister said India's startup ecosystem had grown from a few hundred ventures before 2014 to more than 2.5 lakh, reflecting the expansion of entrepreneurial opportunities across the country. "Before 2014, there were only a few hundred startups in India; now, their number in the country has exceeded 2.5 lakh," he said. 

He said that nearly half of the country's startups came from small cities and towns while 45% had a woman director or partner, highlighting the growing participation of people from different regions and backgrounds in the innovation economy. The expansion, he said, reflected how technology and entrepreneurship were opening opportunities to a wider section of society. 

India is the 'Mother of Democracy' 

Modi also described India as the "Mother of Democracy", citing its linguistic diversity, media landscape, and widespread use of social media as evidence of its openness to different viewpoints. "India is the Mother of Democracy. India has over 100 languages, around 80,000 registered newspapers and publications, and more than 1,000 satellite television channels," he said. 

India had more than 500 million YouTube users and over 500 million Instagram users, he said while adding that the people in the country openly debated issues and exchanged views, with digital platforms playing an important role in facilitating these conversations.