Prime Minister Narendra Modi, addressing the Bloomberg Economic Forum, affirmed that India's economic expansion is rooted in strong fundamentals and sustained reforms. He underscored the nation's commitment to a growth model that fosters global prosperity rather than benefiting at the cost of other countries.
India's Vision for Global Growth
Modi articulated India's philosophy as, "We do not grow at anyone's cost. We grow with the world. And for the world." This statement positions India as a reliable trade partner amidst increasing geopolitical uncertainties. The Prime Minister highlighted significant economic indicators to bolster his assertion, including a robust 7.8% economic growth recorded in the April-June quarter of the current fiscal year.
He also pointed to India's substantial foreign exchange reserves, exceeding $700 billion, and a dramatic reduction in the current account deficit from over 4% a decade ago to approximately half a percent today. These figures, Modi suggested, demonstrate India's economic resilience and stability.
Reforms and Opportunity Creation
The Prime Minister emphasized that comprehensive reforms across taxation, insolvency, and labor laws have fortified India's economic framework. "In this world full of uncertainties, India inspires reliability and stability," he remarked, adding that the country's economic strength should be measured by its capacity to create opportunities for others, rather than by the power it commands.
Modi encapsulated this approach as "power to empower." He cited India's advancements in digital public infrastructure, its burgeoning startup ecosystem, and expanding clean energy capacity as prime examples of domestic capabilities aimed at supporting inclusive growth. Furthermore, India has actively shared its expertise in digital identity, payments, and public infrastructure with partner nations, particularly those in the Global South.
"For us, reforms are not a compulsion. Reforms are our conviction," Modi stated, referencing initiatives like the open-source CoWIN platform developed during the COVID-19 pandemic as evidence of India's commitment to leveraging its capabilities for broader human benefit.
Addressing Global Challenges and Trust
In a volatile global landscape, Modi cautioned against the increasing weaponization of critical resources. He noted that "supply chains, energy, minerals, payment systems, and technology are increasingly becoming instruments of pressure and dominance," turning previously established routes of globalization into potential chokepoints.
The Prime Minister also touched upon the transformative impact of artificial intelligence and the demographic challenges posed by aging populations in many countries. He concluded by stressing the fundamental importance of trust in international relations—trust that supplies will be consistent, promises fulfilled, and partners will stand together during crises.