NEW DELHI: Prime Minister Narendra Modi on Tuesday said India's economic growth was underpinned by strong fundamentals and sustained reforms, highlighting its digital ecosystem and inclusive technology as examples of how the country could expand its global economic influence through shared prosperity rather than at the expense of other nations.
"We do not grow at anyone's cost. We grow with the world and for the world," the PM said while addressing the Bloomberg New Economy Forum, pitching India as a reliable economic partner amid geopolitical tensions and growing competition over critical technologies and resources. "In this world full of uncertainties, India inspires reliability and stability," he said.
Modi cited the country's 7.8 per cent economic growth in the April-June quarter, foreign-exchange reserves exceeding USD 700 billion and reforms spanning taxation, insolvency and labour laws as evidence of its resilience.
"This year, in the April to June quarter, India's economic growth was 7.8 per cent. And this growth is taking place on a strong foundation," he said citing strong macroeconomic fundamentals, including drastic reduction in India's current account deficit from over 4 per cent 12-13 years back to about half a per cent now.
Modi argued that economic and technological strength should be measured not merely by the power a country 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, summarising his approach as "power to empower."
The Prime Minister said the government possesses authority, but its purpose should not be to make citizens dependent on the system. "...Following this path, India has lifted 250 million (25 crore) people out of poverty over the past decade, a number greater than the population of many countries in the world,” he added.
The prime minister highlighted India's digital public infrastructure, expanding startup ecosystem and clean-energy capacity as examples of how domestic capabilities could support inclusive growth. He said India was sharing its experience in digital identity, payments and public infrastructure with partner countries, particularly in the Global South. "For us, reforms are not a compulsion. Reforms are our conviction," he said.
Modi described India as the “Mother of Democracy”, citing its linguistic diversity, media landscape and growing social media user base as examples of the country's openness to different perspectives.
“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,” the Prime Minister said.
Highlighting India's digital reach, Modi said the country had more than 500 million YouTube users and over 500 million Instagram users. He added that people in India openly debated issues and discussed different perspectives, with digital technology playing a significant role in facilitating these exchanges.
Inviting international delegates to experience India's digital payment ecosystem, the Prime Minister encouraged them to try the country's digital payment facilities. “I would tell the guests who have come from abroad to try India's digital payment ecosystem,” Modi said.
Explaining how the system accommodates businesses of different sizes, Modi said a street vendor and a car showroom operator, despite differences in their businesses and scale of operations, could use the same digital payment platform.
“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, the Prime Minister said, “This is the power of inclusive technology.”
Modi also highlighted India's startup growth and digital innovation, saying the number of startups had increased from a few hundred before 2014 to more than 2.5 lakh.
He said opportunities for innovation were reaching more people, with nearly half of startups coming from small cities and towns and 45% having a woman director or partner.
“Before 2014, there were only a few hundred startups in India; now, their number in the country has exceeded 2.5 lakh,” the prime minister said.
“Until about twelve or thirteen years ago, access to mobile phones and the internet itself was a form of power in India...After 2014, when the new government came to power...India placed great emphasis on making mobile data affordable,” he said.
“Today, a student in a small town can access digital learning. A young person can enrol in online courses. In other words, connectivity in India has not merely connected people; it has connected opportunities as well. This, indeed, is Power to Empower,” the PM said.
Highlighting the growing participation of people from different regions and backgrounds in the startup ecosystem, Modi said, “Nearly half of the startups come from small cities and towns. 45% of startups have a woman director or partner.”
“In other words, opportunities for innovation are reaching more people, and more talents are emerging,” he added.
The Prime Minister said India was also sharing its experience with Digital Public Infrastructure (DPI) with other countries to help them develop digital systems suited to their needs.
“We are sharing our experience with Digital Public Infrastructure with other countries so that they can develop their digital systems according to their needs,” Modi said.
Referring to India's digital initiatives during the COVID-19 pandemic, Modi said the country had developed the CoWIN platform as an open-source system. He said India's capabilities should also create opportunities for other countries.
“During COVID-19, we also created the CoWIN platform, which was open source. Our continuous efforts are aimed at ensuring that India’s capabilities open new doors of possibility for other countries as well. In other words, our capabilities should empower humanity,” he said.
Emphasising the wider significance of innovation, Modi said turning ideas into products and problems into solutions was an important capability, but its impact increased when more people had access to such opportunities.
“Friends, the power of innovation is also like this. Turning an idea into a product and a problem into a solution is a great capability in itself. But when more and more people in society get this opportunity, the balance of power is maintained, and its impact increases manifold,” the Prime Minister said.
Modi also highlighted the role of technology in improving the delivery of government assistance, saying it had enabled direct transfers to beneficiaries' bank accounts.
“Using technology, we have created a system to transfer government assistance directly to the bank accounts of beneficiaries,” he said.
The Prime Minister added that the system had helped reduce corruption, improved convenience for citizens and established a direct channel between the government and the people.
He also highlighted India’s growing role as a global talent hub, pointing to the country’s skilled young workforce and its expanding network of Global Capability Centres (GCCs).
“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 that provide services to companies across the world,” Modi said.
The eighth edition of the Bloomberg New Economy Forum, hosted in India, brings together more than 500 public- and private-sector leaders from around the world.
Under the theme “A World in Play: Defining the New Levers of Power”, delegates will examine the changing geopolitical landscape, identify risks and opportunities arising from the current uncertainty, exchange ideas and collaborate on a roadmap towards future prosperity.