Prime Minister Narendra Modi addressed the Economic Times World Leaders Forum in New Delhi, emphasizing India’s economic resilience, reforms, and ambitious vision for the future. Welcoming global leaders, he noted the forum’s “perfect timing” coming soon after his Independence Day address outlining next-generation reforms.
PM Modi highlighted that India is the world’s fastest-growing major economy and is set to become the third-largest globally, with an expected 20% contribution to future global growth. He attributed this to a decade of macroeconomic stability, citing declining fiscal deficit, record capital market inflows, strong banking systems, low inflation, controlled current account deficit, and robust forex reserves. He underlined the growing trust of domestic investors, reflected in record SIP investments.
Recent data, the Prime Minister said, reflects India’s economic momentum—22 lakh formal jobs were added to the EPFO in June 2025, retail inflation is at its lowest since 2017, and forex reserves are at historic highs. He also pointed to India’s solar manufacturing capacity reaching 100 GW, and Delhi Airport joining the “100 Million-Plus Club” of global airports. Notably, he welcomed S&P Global’s recent upgrade of India’s credit rating after nearly two decades, calling it a recognition of India’s resilience.
Turning to lessons from the past, PM Modi remarked that earlier governments “missed the bus” in critical sectors such as internet, telecom, and semiconductors, due to lack of vision and dependence on imports. In contrast, post-2014, India has adopted a proactive approach—developing its own 5G stack, working on 6G, and establishing semiconductor plants that will deliver the first Made-in-India chip this year.
Marking National Space Day, he celebrated India’s space sector reforms. From just 42 missions between 1979–2014, India has completed over 60 in the last 11 years. With private participation, over 300 space startups have emerged, compared to just one in 2014. India now has space docking capability, is preparing for the Gaganyaan human space mission, and is working toward its own space station. Reforms include transparent spectrum allocation, liberalized FDI, and a ₹1,000 crore fund for space startups.
PM Modi underscored that India’s reforms are not crisis-driven but conviction-driven, covering tax, mining, ports, shipping, sports, and governance. He highlighted Jan Vishwas 2.0, which decriminalized over 300 minor offences, and simplification of income tax law into citizen-friendly language. He announced ongoing GST reforms to simplify the system and reduce prices by Diwali.
He stressed that these reforms would boost manufacturing, expand market demand, create jobs, and enhance both Ease of Living and Ease of Doing Business. Anchoring his vision of a developed India by 2047 on Atmanirbhar Bharat, he cited India’s COVID-19 response as proof of its speed, scale, and scope—producing vaccines, oxygen plants, and digital platforms like CoWIN at record pace.
Highlighting India’s achievements in clean energy, exports, and research, the PM noted that India met its 2030 renewable energy target five years early, doubled R&D spending, and launched a ₹1 lakh crore innovation scheme. He urged industry leaders to scale up investments in sunrise sectors like clean energy, quantum technology, and biotechnology to power India’s growth.
Concluding, PM Modi declared that India, guided by Reform, Perform, Transform, is not merely keeping pace with global change but is shaping the currents of global growth.
