Prime Minister Narendra Modi on Tuesday articulated India’s economic philosophy, stating that the nation’s growth is inclusive and collaborative, seeking to expand its global economic influence through shared prosperity rather than at the expense of other nations.
The Chenab Times has learned that Modi, addressing the Bloomberg Economic Forum, declared, “We do not grow at anyone’s cost. We grow with the world. And for the world.” This statement positions India as a steadfast economic partner amidst a landscape marked by geopolitical tensions, trade disruptions, and intensifying competition over critical technologies and resources.
Economic Resilience Anchored in Fundamentals
Prime Minister Modi highlighted India’s robust economic performance and resilience, citing the country’s 7.8 per cent economic growth in the April-June quarter as evidence of strong fundamentals. He further pointed to foreign exchange reserves exceeding USD 700 billion and a sustained reform drive encompassing taxation, insolvency, and labour laws as indicators of the nation’s stability in an uncertain global environment.
“In this world full of uncertainties, India inspires reliability and stability,” the Prime Minister stated. He elaborated on the strong macroeconomic fundamentals underpinning this growth, noting a significant reduction in India’s current account deficit, which has narrowed from over 4 per cent approximately 12-13 years ago to about half a per cent presently.
Empowering Growth as a Guiding Principle
Modi posited that a nation’s economic and technological prowess should be evaluated not solely by the power it wields, but by its effectiveness in generating opportunities for others. He encapsulated his approach with the phrase “power to empower,” emphasizing that the true measure of strength lies in how it is utilized to uplift others.
The Prime Minister underscored India’s advancements in digital public infrastructure, a rapidly expanding startup ecosystem, and its growing clean-energy capacity as tangible examples of how domestic capabilities can foster inclusive growth. He also noted that India is actively sharing its expertise in digital identity, payments, and public infrastructure with partner countries, particularly those in the Global South.
“For us, reforms are not a compulsion. Reforms are our conviction,” Modi asserted, indicating a deep-seated belief in the transformative power of structural changes.
Navigating Geopolitical and Economic Challenges
Addressing the evolving global economic landscape, Prime Minister Modi issued a warning regarding the increasing use of supply chains, energy, critical minerals, payment systems, and technology as instruments of geopolitical pressure. He stressed the growing importance of reliable partners and resilient economic systems in this context.
“They are all becoming tools for coercion and for exerting pressure,” he remarked, highlighting the need for greater international cooperation and robust economic frameworks.
The Prime Minister’s remarks coincide with India’s concerted efforts to attract foreign investment, enhance its role in global supply chains, and strengthen economic ties with emerging markets. He presented India’s growth trajectory not just as an internal economic achievement, but as a potential source of technology, talent, and solutions for the global economy.
Modi reiterated the significance of India’s digital public infrastructure, its vibrant startup ecosystem, expanding renewable energy capacity, and improving macroeconomic indicators, suggesting that the nation’s rise offers a model for inclusive growth amid global fragmentation. He cited India’s provision of COVID-19 vaccine supplies to over 100 countries as a prime example of leveraging domestic capabilities to address international needs.
Looking ahead, the Prime Minister called for enhanced international cooperation on critical global issues such as climate change, public health, artificial intelligence, and economic security, reinforcing India’s commitment to being a constructive force in the global arena.
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