New Delhi: Prime Minister Narendra Modi on Tuesday highlighted India’s growing economic strength and global role in innovation, asserting that the country’s progress should benefit the world. His remarks came after the International Monetary Fund raised India’s growth forecast to 7%, reflecting stronger economic momentum and resilient domestic demand.
Addressing the Bloomberg New Economy Forum, Modi emphasised that technology, knowledge and innovation should be used to empower millions of people rather than concentrate opportunities among a select few. He described this approach as the principle of using power to empower others.
The Prime Minister said India’s long standing traditions had shaped its approach to governance and development, with an emphasis on using resources and capabilities for the wider public good.
PM Modi Highlights India’s Digital Achievements
Modi highlighted India’s democratic traditions and linguistic diversity, along with the scale of its media and digital ecosystem. He pointed to the country’s extensive newspaper network, television channels and hundreds of millions of users on social media platforms as evidence of its expanding digital reach.
He also underlined the government’s efforts to make mobile internet affordable, allowing students and people in smaller towns to access educational resources and information.
India is sharing its experience in digital public infrastructure with other countries, enabling them to develop systems suited to their own requirements. Modi cited the CoWIN platform, which supported India’s COVID 19 vaccination drive and was made available as an open source technology initiative.
He also highlighted India’s efforts in renewable energy and climate action, including the International Solar Alliance, as examples of initiatives intended to support international cooperation.
‘India Offers Reliability and Stability’
The Prime Minister said reforms were driven by conviction rather than compulsion, adding that India sought growth through cooperation rather than at the expense of other nations.
He highlighted India’s economic performance, noting that gross domestic product grew by 7.8% in the April to June quarter. He also pointed to foreign exchange reserves exceeding $700 billion and the strength of the country’s banking system as indicators of economic resilience.
The IMF’s revised 7% growth projection reinforces expectations of continued expansion, supported by domestic consumption and services activity despite elevated oil prices and geopolitical tensions.
Global Uncertainty Makes Trust More Important
Modi also warned that conflicts and economic disruptions were turning global supply chains, energy resources, minerals, payment systems and technology into instruments of geopolitical pressure.
He said the world increasingly needed confidence that essential supplies would remain available when required. Against this backdrop, India aims to strengthen its position as a reliable economic partner while expanding opportunities through technology, innovation and international cooperation.
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