Prime Minister Narendra Modi said on Tuesday that India offers reliability and stability amid global uncertainty. He highlighted the country’s economic resilience, strong banking system, and structural reforms. "For us, reforms are not a compulsion. They are a conviction," he said. India now provides one-fifth of the world's generic medicines.
Speaking at the Bloomberg New Economy Forum, PM Narendra Modi pointed to India's $700-billion forex reserves, sustained reform momentum, and growing green capacity as proof of its resilience against global supply chain shocks.
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.
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.
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.
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.