THEBUSINESSBYTES BUREAU

NEW DELHI, AUGUST 21, 2026

Prime Minister Narendra Modi on Friday said the world increasingly sees India as a “bright spot for growth and hope”, asserting that the country's political stability, policy continuity and next-generation reforms are not only transforming the lives of its citizens but also strengthening its ability to contribute to global stability.

Addressing the Economic Times World Leaders Forum 2026 here, Modi said the theme of the summit, “Shared Futures”, was particularly relevant in an era marked by global economic fluctuations, resource weaponisation and growing distrust, as the destinies of nations have become increasingly interconnected.

 “The sentiment of Shared Future, alongside the responsibility associated with it, actively provides a solution to many problems of this 21st-century world,” he said, recalling that “One Earth, One Family, One Future” had been India's guiding mantra during its G20 Presidency.

Modi said India's progress, including lifting 25 crore people out of poverty while retaining its position as the world's fastest-growing major economy, has reinforced global confidence in the country.

He said the government was pursuing reforms across seven key sectors under the “Saptadhara” framework, including manufacturing, technology and green economics, while simultaneously undertaking next-generation reforms at the policy, governance and ease-of-living levels.

 “Reforms are not a compulsion for us; this is our ultimate commitment and our absolute conviction,” Modi said.

Drawing a sharp contrast between the economic philosophy of the past and the government's approach today, the prime minister referred to what he described as “Production Linked Punishment” during the License Raj era, when companies could be penalised or compelled to destroy goods if they exceeded prescribed production limits.

He said such a mindset deliberately perpetuated scarcity and deprivation, severely constraining employment generation and economic opportunity.

In contrast, the Production Linked Incentive (PLI) scheme had created a new economic ecosystem, he said, noting that it had attracted Rs 2.5 lakh crore in actual investments, generated Rs 22 lakh crore in production and sales, driven Rs 15 lakh crore in exports and created more than 14 lakh jobs.

 “Where the punishment model of the previous License Raj increased unemployment, today our incentive model is actively creating lakhs of new jobs,” Modi said.

Attributing India's rapid development to political stability and policy continuity, Modi said the government was fundamentally changing the relationship between the state and citizens by moving away from a “prohibited unless permitted” approach towards “permitted unless prohibited”.

 “The fundamental basis of the relationship between the government and the citizens must be deep trust, not suspicion,” he said.

He cited the Jan Vishwas Bill, which decriminalised numerous minor procedural offences and replaced imprisonment with economic penalties in several cases, as part of the effort to reduce the compliance burden.

The government, he said, had removed more than 40,000 compliances and repealed over 1,500 obsolete laws, substantially reducing the regulatory burden on businesses.

Referring to the passage of the Bankers' Books Evidence Bill during the Monsoon session, Modi said replacing a 19th-century British-era law with modern legislation recognising digital banking records would reduce legal complications, enhance transparency and improve the ease of doing business.

 “This will actively reduce legal complications, massive transparency in the system will increase, and the Ease of Doing Business will significantly rise,” he said.

The prime minister also underlined the human-centric dimension of governance, citing the transformation of the Indian Railways as an example.

He said electronic interlocking had been installed at more than 6,500 stations and 10,000 level crossings, while mission-mode efforts had eliminated roughly 9,000 unmanned crossings, contributing to a reduction of train accidents by up to 90 per cent compared to pre-2014 levels.

 “Systems must be made in such a way in which there is absolute sensitivity towards every single human life and their precious time,” he said.

Railway hygiene, too, had undergone a major transformation, Modi said, pointing out that more than 3.6 lakh bio-toilets had been installed in trains since 2014, effectively eliminating the problem of human waste being discharged on tracks.

 “This massive change is not just about cleaning; it is fundamentally about the dignity of the passengers, hygiene, and modern governance,” he said.

Citing punctuality as another measure of governance quality, Modi said the Delhi-Meerut Namo Bharat Rapid Rail and Delhi Metro had achieved an on-time performance of 99.9 per cent, comparable with transport systems in cities such as New York, Hong Kong and Paris.

 “This is not just the story of a Metro and Namo Rapid Rail running on time; this is the proud identity of an India rapidly changing with time,” he said.

Turning to policy reforms, Modi said India was designing proactive, pro-people and pro-growth policies based on the country's actual requirements rather than forcing citizens and businesses to operate within outdated restrictions.

He recalled that, at one point, even mapping India by Indians had been restricted, and said the deregulation of geospatial data had subsequently opened the door to rapid growth in startups and new businesses.

 “Policies must be designed strictly according to the actual needs of the country and the people of the country,” he said.

The prime minister also pointed to the growth of India's drone industry in agriculture, defence and content creation as an example of the opportunities unlocked by deregulation.

 “We fully freed drone-flying from shackles, and today India's drone industry is taking an unprecedented flight,” he said.

Modi said the government's approach to border infrastructure had also undergone a fundamental change, with the country's frontiers increasingly viewed as a source of strategic strength rather than vulnerability.

The Border Roads Organisation, he said, dedicated 250 infrastructure projects to the nation in 2024 and 2025 alone.

 “When the defensive thinking fundamentally changed, the entire picture of border infrastructure actively changed as well,” he said.

Highlighting reforms in strategically sensitive sectors, Modi referred to the Shanti Bill, which opened the nuclear energy sector to private participation, and the restructuring of more than 40 ordnance factories into seven modern corporate entities.

He said such measures had strengthened India's self-reliance and contributed to a 55-fold increase in defence exports compared with 2014.

 “Today India is actively becoming self-reliant for its defence needs too, and our defence export has massively increased,” he said.

The prime minister said the impact of reforms was increasingly visible in the everyday lives of ordinary citizens, with digital services such as online grocery purchases, QR-code payments and instant peer-to-peer money transfers becoming routine.

 “These incredible things are remarkable, but they are now just a highly efficient part of the life of the common man of India,” he said.

He said India's digital transformation had been powered by some of the world's cheapest data, rapid 5G deployment and the integration of Aadhaar with mobile and banking services, enabling seamless e-KYC and digital authentication.

 “Today if you have to open a bank account, the government has literally brought the bank itself directly to you,” Modi said.

He also highlighted the e-Sanjeevani platform, which has facilitated nearly 50 crore tele-consultations and brought medical advice to people who previously had to travel long distances to access doctors.

 “Today the doctor is highly accessible and available right at their home, directly on their screen,” he said.

The modernisation of India's travel infrastructure was another example cited by the prime minister, with Digi Yatra at airports and FASTag on highways helping passengers and motorists save time through seamless, largely non-stop movement.

 “Time is being massively saved, life is becoming significantly easier, and crores of people are able to securely focus on their progress,” he said.

Modi said genuine transformation required governments to take decisions based on long-term national interests rather than short-term electoral considerations.

 “Decisions that fundamentally change the country are those whose impact is clearly seen on the ground, taken keeping both the present and the future firmly in mind,” he said.

As an illustration, he cited the PM-KUSUM and PM Surya Ghar Muft Bijli Yojana, saying the government had chosen sustainable empowerment through rooftop solar rather than merely announcing free electricity.

More than 50 lakh families, he said, had benefited from rooftop solar installations, enabling households to reduce electricity bills and, in several cases, earn income by selling surplus power to the grid.

 “We are decisively determined to have a sun on every roof of every house to provide massive, sustainable energy,” Modi said.

He added that the benefits of the Surya Ghar scheme would remain with families for years, irrespective of electoral cycles.

 “Whether there are elections or not, this Surya Ghar and its light will permanently remain to benefit the families of the country for years,” he said.

Concluding his address, Modi said the government's “Reform Express” would continue to accelerate reforms aimed at expanding the Ease of Living and Ease of Doing Business for the youth, women, farmers and the middle class, with the larger objective of building a Viksit Bharat.

He expressed confidence that India's domestic strength and stability would have a wider global impact, providing greater certainty and security to the international community.

 “The more stable India is and the more secure its future, the more the power to give the world a sense of security will be generated from right here,” Modi said.