New Delhi: Prime Minister Narendra Modi on Tuesday said India offers reliability and stability at a time when the global economy is grappling with geopolitical conflicts, supply chain disruptions and growing uncertainty, highlighting the country's economic resilience, strong banking system and continued commitment to structural reforms.
Addressing the Bloomberg New Economy Forum in New Delhi, Modi said India's economy grew 7.8% in the April-June quarter, while its current account deficit stood at 0.61% and foreign exchange reserves exceeded $700 billion. He also said the country's banking system was in its strongest position in decades. "In a world full of uncertainties, India offers reliability and stability," Modi said, according to a statement issued by the Prime Minister's Office (PMO).
The prime minister said India's economic strength was supported by sustained reforms, including the implementation of the Goods and Services Tax (GST), the introduction of insolvency laws, the consolidation of 29 labour codes into four, and the decriminalization of hundreds of minor business offences.
Referring to recent sovereign rating upgrades, Modi attributed them to India's structural strength and reform momentum. "For us, reforms are not a compulsion. They are a conviction," he said.
Modi’s remarks come against the backdrop of global economic uncertainties arising from regional conflicts, disruptions in supply chains and increasing pressure on international trade and financial systems. He said the third decade of the 21st century had witnessed successive crises, including the pandemic, regional wars and disruptions affecting critical minerals, energy and trade.
He also expressed concern over the increasing use of supply chains, energy, minerals, technology and payment systems as instruments of pressure and dominance, warning that the interconnectedness created through decades of globalisation was increasingly turning into geopolitical chokepoints.
Against this backdrop, he said countries were searching for dependable partners capable of maintaining supply chains and honouring commitments during periods of crisis.
Global footprint
Highlighting India's approach to international economic cooperation, Modi said the country's growth was based on collective progress rather than competition at the expense of other nations. "We do not grow at anyone's cost. We grow with the world, and for the world," he said.
The prime minister pointed to India's contribution to global pharmaceutical supplies, saying the country provides one-fifth of the world's generic medicines. He also highlighted India's digital identity systems and its position as a global talent hub, with more than 2,000 Global Capability Centres serving international businesses.
On technology and innovation, Modi said India's startup ecosystem had expanded from a few hundred startups in 2014 to more than 2.5 lakh currently. Nearly half of these startups originated in smaller cities, while more than 45% had female leadership, he said.
He also highlighted the role of digital public infrastructure in expanding financial inclusion, noting that the same digital payments platform was accessible to street vendors and large businesses.
Modi said India was sharing its digital capabilities with countries in the Global South and other partners to help them develop their own digital public infrastructure. He cited the open-source CoWIN platform, developed during the pandemic, as an example of Indian innovation benefiting other countries.
Green push
Turning to the energy transition, Modi said India's renewable energy capacity had increased fourfold, from 75 gigawatts in 2014 to about 300 gigawatts at present. He said India had achieved its commitment to reach 40% installed electricity capacity from non-fossil fuel sources in November 2021, nine years ahead of its 2030 target under the Paris Agreement.
Modi also highlighted the PM Surya Ghar and PM-KUSUM schemes, saying the initiatives were helping households and farmers generate solar electricity and reduce their costs. According to the Prime Minister, these initiatives had added more than 30 gigawatts of capacity and were reducing carbon emissions by over 30 million tonnes annually.
Referring to India's international initiatives, Modi highlighted the International Solar Alliance, Coalition for Disaster Resilient Infrastructure, Global Biofuel Alliance, India-Middle East-Europe Economic Corridor and Mission LiFE as examples of platforms aimed at promoting collective benefits.
The prime minister said the purpose of economic, technological and political power should be to create opportunities for others rather than merely strengthen individual nations. "Power is not just the ability to move ahead; it is also the ability to empower others to move ahead," he said.
He added that India's growing capabilities should continue to create opportunities for other countries, reiterating that the country's approach to development was rooted in collaboration and shared prosperity.
About the Author
Harsh Kumar
Harsh Kumar is a policy reporter at Mint (HT Media Group), where he covers the Ministry of Commerce and Industry along with key departments of the Ministry of Finance, including the Department of Economic Affairs (DEA) and the Department of Financial Services (DFS). With over five years of experience in business and economic journalism, he has developed strong expertise in tracking policy developments and their wider economic impact.<br><br>He has previously worked with Business Standard, Moneycontrol, and Outlook Money, where he reported extensively on banking, financial services, and the broader economy. Over the years, he has built a reputation for delivering accurate, insightful, and impactful stories, supported by a keen eye for detail and a consistent track record of breaking exclusive news.<br><br>An alumnus of Jamia Millia Islamia, Harsh closely follows regulatory changes and key economic trends shaping India’s financial and industrial landscape. His reporting aims to simplify complex policy issues for a wider audience while maintaining depth and credibility.<br><br>Outside of work, he enjoys tracking policy developments, finding scoops, and travelling, reflecting his curiosity about how economic decisions shape everyday life.