India’s Growth Is for the World, Says PM Modi

Prime Minister Narendra Modi has said that India’s economic progress is built on strong foundations, resilience and continuous reforms, stressing that the country has never pursued growth at the expense of other nations. Addressing the Bloomberg New Economy Forum on Tuesday, he said India’s expanding economic and technological capabilities could help address global challenges amid rising geopolitical tensions, supply-chain disruptions and competition for strategic resources. Modi stated that India recorded economic growth of 7.8 per cent in the April–June quarter of the year, while its foreign exchange reserves exceeded $700 billion. He also highlighted reforms in taxation, labour laws and insolvency regulations, saying these measures had strengthened the country’s ability to withstand global uncertainty.

Modi said India was using its economic and technological strength to empower others and create opportunities rather than exercise control. He cited the country’s digital payments infrastructure, the CoWIN platform developed during the COVID-19 pandemic and vaccine supplies to more than 100 countries as examples of its contribution to global cooperation. India’s startup ecosystem has expanded from a few hundred ventures before 2014 to more than 250,000, with over half based in smaller cities and towns. Around 45 per cent of startups have at least one woman director or partner, he noted. Modi also highlighted the role of technology in helping 250 million people move out of poverty over the past decade. He added that India produces one in every five generic medicines available worldwide and hosts more than 2,000 global capability centres.