Prime Minister Narendra Modi on Tuesday pitched India as a reliable global partner to empower humanity in an unstable world where supply chains, trade and technologies were weaponised as he underlined the unique path forged by the country that endeavoured to open new doors for other nations.
Speaking at the Bloomberg New Economy Forum in New Delhi, Modi also hailed the country’s transformation under his government, underlined the strides taken in economic inclusion, showcased India’s dynamism as the “mother of democracy” and its confluence of languages and cultures, and emphasised the nation’s commitment to international technological, climate and economic solidarity.
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“In a world filled with uncertainty, India offers the assurance of reliability and stability…It is clear that whenever the world needs a steady pillar, India extends its hand in support, recognising its responsibility. We do not grow at anyone’s cost. We grow with the world, and for the world,” he said.
Need for ‘trust’
Modi said the last six years witnessed several disruptions starting with a global pandemic, followed by wars in different regions. Disruptions emerged in trade, critical minerals, and energy supplies, he said. “Things that once connected the world are now being turned into weapons. Supply chains, energy, minerals, payment systems, and technology are increasingly becoming instruments of pressure and dominance,” he said.
Hours ahead of Modi’s address, the International Monetary Fund raised its growth forecast for India to 7% for fiscal 2027, up from 6.4% projected in July.
“The routes created by globalisation over past decades have, in many cases, become chokepoints. Amid all this, Artificial Intelligence is transforming the way every sector functions. At the same time, many countries are facing rapidly growing challenges related to ageing populations. In such circumstances, the world is confronted with a fundamental question: trust,” he added.
“Trust that supplies will continue during times of need. Trust that promises made will also be fulfilled. Trust that a partner country will stand by you during moments of crisis. And it is here that India stands before you with a different outlook and a different way of thinking.”
Modi highlights India's diversity, inclusivity
The PM said India’s development journey was inclusive, citing the examples of affordable medicines, digital public infrastructure (DPI) and skilled manpower. “One out of every five generic medicines comes from India. When solutions for digital identity and payments are required, the world looked to models developed in India. When the world needs talent, it places its trust in India’s skilled youth. Today, India is home to more than 2,000 Global Capability Centres (GCCs) that are providing services to companies across the world,” he added.
“The vision I have come with is power to empower; Beyond the power to control, power to enable; Beyond the power to compete, power to collaborate; Beyond the power to succeed, power to help others succeed,” he said.
Modi didn’t comment on the ongoing protests by the Opposition but showcased India’s legacy as the “mother of democracy,” home to a free media and hundreds of millions of YouTube and Instagram users who debate issues openly.
“India has more than one hundred languages, nearly eighty thousand registered newspapers and publications, and more than one thousand satellite television channels. And not only that, in this age of social media, India has more than five hundred million YouTube users and more than five hundred million Instagram users. In our country, people openly debate different issues, and citizens discuss diverse viewpoints. In the present era, one factor that has played a major role in enabling this is digital power,” he said.
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In the April-June quarter of this year, India’s growth rate stood at 7.8%, he said, giving credit to the strong foundation of the Indian economy for steady growth.
“Twelve to thirteen years ago, India’s current account deficit was more than four percent of GDP. Last year, it declined to approximately half a percent, standing at 0.61 percent. Today, our foreign exchange reserves exceed 700 billion dollars. Our banking system is in its strongest position in many decades. It is because of this strength that India’s sovereign ratings are being upgraded. Today, India’s confidence is at an unprecedented high. We are pursuing reforms with a clear policy direction. Through GST, we transformed a complex web of taxes into a national market. We enacted the insolvency law. Twenty-nine labour laws have now been consolidated into four simple labour codes. Hundreds of minor business-related offences have been decriminalised. And we have not stopped there. India’s reform express continues to move ahead at high speed. For us, reforms are not a compulsion. Reforms are our conviction,” he added.
India's digital strides
A large chunk of his speech was spent underlining India’s economic journey and its strides in expanding digital payments, mobile phone and internet penetration, and philanthropic initiatives. He said that domestic digital capabilities were continuously shared with the Global South and other partner countries to help them build their own digital public infrastructure. “Our capability should empower humanity,” he said.
He also celebrated the nation’s startup growth, pointing out that nearly half of the 250,000 startups in India originated from smaller cities and that over 45% featured female leadership, proving that the power to solve problems was reaching all segments of society. “Meaning, opportunities for Innovation are reaching more people,” he noted.
“Our constant endeavour is to ensure that India’s capabilities open new doors of opportunity for other countries as well…India’s progress is rooted in collective growth and shared opportunities,” he said.
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This year’s Bloomberg Economic Forum was focused on the new powers emerging around the world, he said. Every era has had its own sources of power and its own definition of power. But in the 21st century, especially in this third decade, a major transformation is taking place. Today, technology is power, data is power, knowledge is power, innovation is power, he said.
“Let us walk together. Let us speak together. Let us strive to understand one another. Because when we walk together, our strength grows. Through dialogue, our understanding deepens. And by understanding one another, we can jointly solve great challenges. This is the essence of power to empower. It means not limiting our power solely to our own progress, but using it to create new opportunities for others as well,” he said.