THEBUSINESSBYTES BUREAU

NEW DELHI, OCTOBER 13, 2026

Prime Minister Narendra Modi on Tuesday said India’s economic rise would not come at the cost of other nations but would contribute to shared global prosperity, positioning the country as a reliable partner amid geopolitical tensions, supply chain disruptions and growing economic uncertainties.

Addressing the Bloomberg New Economy Forum in New Delhi, Modi said India’s development model was rooted in collaboration, inclusiveness and the principle of empowering others, asserting that the true measure of power lay not merely in the ability to advance but also in helping others succeed.

 “We do not grow at anyone’s cost. We grow with the world, and for the world,” he said, outlining India’s approach to global economic engagement at a time when countries are increasingly concerned about the weaponisation of supply chains, energy resources, critical minerals, technology and payment systems.

The Prime Minister said the global landscape had undergone a fundamental transformation in the third decade of the 21st century, with technology, data, knowledge and innovation emerging as decisive sources of economic and strategic power.

However, he questioned whether such power should remain concentrated among a select few or be used to expand opportunities for millions, advocating a shift from control to enablement and from competition to collaboration.

 “Power to Empower” was the central philosophy guiding India’s approach, he said, adding that the purpose behind the use of power ultimately determined its true value.

Citing India’s digital transformation, Modi said connectivity had evolved from a privilege enjoyed by a limited section of society into an instrument for widening access to knowledge, markets and economic opportunities. Since 2014, the government had worked to reduce data costs and expand digital access, enabling students, small traders and people in rural areas to participate in the digital economy.

He said India’s digital payments infrastructure demonstrated how technology could promote financial inclusion, allowing street vendors and large businesses to operate through the same digital ecosystem.

The government’s digital public infrastructure was also being shared with partner countries, particularly in the Global South, to help them build their own systems. The CoWIN platform, developed for managing the COVID-19 vaccination programme, was cited as an example of Indian innovation serving a wider global purpose.

Highlighting the expansion of entrepreneurship, Modi said India’s startup ecosystem had grown from a few hundred startups in 2014 to more than 2.5 lakh. Nearly half of these enterprises originated in smaller cities, while women held leadership positions in more than 45 per cent of them, he said.

The Prime Minister attributed the country’s progress in poverty reduction to a governance approach focused on empowering citizens rather than creating dependence. He said 25 crore people had been lifted out of poverty over the past decade.

The Jan Dhan-Aadhaar-Mobile (JAM) trinity and Direct Benefit Transfer mechanisms had helped deliver government assistance directly into beneficiaries’ bank accounts, reducing corruption and improving convenience, he added.

Modi also underscored India’s commitment to international cooperation during crises, recalling that the country supplied COVID-19 vaccines to more than 100 nations when global vaccine availability was severely constrained.

India’s growing capabilities, he said, should translate into wider benefits for humanity rather than being used exclusively for national advantage.

On climate action, Modi said India had surpassed its target of achieving 40 per cent installed electricity capacity from non-fossil fuel sources by 2030 in November 2021, nine years ahead of schedule. He described the achievement as evidence of the transformation underway in the country’s energy sector.

India’s renewable energy capacity had increased from around 75 gigawatts in 2014 to approximately 300 gigawatts, representing a fourfold expansion, he said.

Schemes such as PM Surya Ghar and PM-KUSUM were enabling households and farmers to generate solar power, reduce energy costs and contribute to lower emissions. These initiatives had added more than 30 gigawatts of capacity and helped reduce carbon emissions by over 30 million tonnes annually, according to the Prime Minister.

Turning to the international economic environment, Modi said the world was grappling with successive crises, including pandemics, regional conflicts and disruptions to critical supply chains. The growing use of economic interdependence as an instrument of geopolitical pressure was threatening the foundations of globalisation, he warned.

Against this backdrop, he said India was emerging as a dependable partner, citing its contribution to global generic medicine supplies, digital identity systems and talent services. India provides one-fifth of the world’s generic medicines and hosts more than 2,000 Global Capability Centres serving international businesses, he said.

Modi also highlighted initiatives such as the International Solar Alliance, the Coalition for Disaster Resilient Infrastructure, the Big Cat Alliance, the Global Biofuel Alliance, the India-Middle East-Europe Economic Corridor and Mission LiFE as examples of platforms aimed at addressing shared global challenges.

On the domestic economic front, the Prime Minister cited a 7.8 per cent growth rate in the April-June quarter, a current account deficit of 0.61 per cent and foreign exchange reserves exceeding USD 700 billion as indicators of resilience amid global uncertainty. He also said India’s banking system was in its strongest position in decades.

Referring to structural reforms, Modi highlighted the Goods and Services Tax, insolvency legislation, the consolidation of 29 labour laws into four labour codes and the decriminalisation of hundreds of minor business offences.

 “For us, reforms are not a compulsion. They are a conviction,” he said, adding that India’s reform agenda reflected a deliberate commitment to strengthening the economy and improving the business environment.

Emphasising that economic strength must be accompanied by compassion and responsibility, Modi called for greater international cooperation on climate change, water governance and the responsible use of emerging technologies.

He concluded by invoking an ancient Vedic mantra that calls for humanity to walk, speak and understand one another together, saying collective progress depended on countries working jointly to address global challenges.

The Bloomberg New Economy Forum, making its debut in India, brought together international leaders and business figures to deliberate on issues spanning the global economy, technology, energy and international affairs, the Prime Minister said.