New Delhi, Oct 13 : Prime Minister Narendra Modi on Tuesday said India was emerging as a reliable economic and technological partner amid growing global uncertainty, citing 7.8 per cent GDP growth in the April-June quarter, foreign exchange reserves exceeding USD 700 billion and a current account deficit of 0.61 per cent.
Addressing the Bloomberg New Economy Forum in New Delhi, Modi said disruptions caused by geopolitical conflicts, supply chain vulnerabilities and competition over critical resources had increased the need for dependable international partnerships.
“In a world full of uncertainties, India offers reliability and stability,” he said, asserting that the country’s economic performance and structural reforms had strengthened its position in the global economy.
The Prime Minister said supply chains, energy resources, critical minerals, technology and payment systems were increasingly being used as instruments of geopolitical pressure, creating new vulnerabilities in an interconnected world.
He said the global economy was witnessing successive disruptions, with the effects of the pandemic, regional conflicts and trade uncertainties continuing to affect international markets.
“The world searches for a way out of one crisis; by then, a new crisis emerges,” Modi said.
Highlighting India’s economic indicators, the Prime Minister said the banking system was in its strongest position in decades and recent sovereign rating upgrades reflected improvements in the country’s economic fundamentals.
He attributed the changes to reforms, including the Goods and Services Tax, insolvency legislation, consolidation of 29 labour laws into four codes and decriminalisation of several minor business offences.
“For us, reforms are not a compulsion. They are a conviction,” he said.
Modi also outlined India’s growing technological capabilities, saying the number of startups had increased from a few hundred in 2014 to more than 2.5 lakh.
According to figures cited by the Prime Minister, nearly half of these startups were based in smaller cities, while more than 45 per cent had women in leadership roles.
He said the expansion of digital connectivity and financial services had enabled wider participation in economic activity, particularly among people previously excluded from formal banking and digital markets.
Referring to the Jan Dhan-Aadhaar-Mobile framework and Direct Benefit Transfer system, Modi said direct transfers of government assistance had helped reduce leakages and improve access to welfare benefits.
He also claimed that 25 crore people had moved out of poverty over the past decade, attributing the progress to the government’s development and welfare initiatives.
On energy transition, the Prime Minister said India’s renewable energy capacity had increased from approximately 75 gigawatts in 2014 to around 300 gigawatts.
He said India had achieved its target of 40 per cent installed electricity capacity from non-fossil fuel sources in November 2021, nine years ahead of the original 2030 deadline.
Modi said the PM Surya Ghar and PM-KUSUM schemes had contributed more than 30 gigawatts of capacity and were helping reduce carbon emissions by over 30 million tonnes annually.
The Prime Minister also stressed the importance of international cooperation in emerging technologies, saying India was sharing its digital public infrastructure experience with developing countries.
He cited the CoWIN platform and India’s supply of COVID-19 vaccines to more than 100 countries as examples of its technological and manufacturing capabilities being used internationally.
Modi said India accounted for one-fifth of the world’s generic medicine supply and hosted more than 2,000 Global Capability Centres serving international businesses.
Referring to the growing influence of artificial intelligence, data and innovation, he said technological advancement should create opportunities rather than concentrate power among a limited number of countries or institutions.
“The vision I have come with is power to empower,” he said, calling for a shift from competition towards collaboration and from control towards enabling others.
The Prime Minister also referred to India’s participation in international initiatives, including the International Solar Alliance, Coalition for Disaster Resilient Infrastructure, Global Biofuel Alliance and India-Middle East-Europe Economic Corridor.
He said international cooperation was necessary to address challenges involving climate change, water management, technological governance and economic development.
“We do not grow at anyone’s cost. We grow with the world, and for the world,” Modi said.
The forum, being held in India for the first time, brought together representatives from business, technology and policy sectors to discuss developments affecting the global economy. (KNS)
