India offers reliability and stability amid global uncertainty: PM Modi | Today’s news

New Delhi: Prime Minister Narendra Modi said on Tuesday that India offers reliability and stability at a time when the global economy is grappling with geopolitical conflicts, supply chain disruptions and growing uncertainty, highlighting the country’s economic resilience, strong banking system and continued commitment to structural reforms.

Speaking at the Bloomberg New Economy Forum in New Delhi, Modi said India’s economy grew 7.8% in April-June, while its current the account deficit was 0.61% and foreign exchange reserves exceeded $700 billion. He also said the country’s banking system is in its strongest position in decades. “In a world full of uncertainties, India offers reliability and stability,” Modi said, according to a statement from the Prime Minister’s Office (PMO).

The Prime Minister said that India’s economic strength has been boosted by sustained reforms, including the introduction of the Goods and Services Tax (GST), the introduction of insolvency laws, the consolidation of 29 labor codes into four and the decriminalization of hundreds of minor business offences.

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Referring to the country’s recent rating upgrades, Modi attributed them to India’s structural strength and reform momentum. “For us, reforms are not coercion. They are convictions,” he said.

Modi’s remarks come against a backdrop of global economic uncertainties stemming from regional conflicts, disruptions to supply chains and mounting pressure on international trade and financial systems. He said the third decade of the 21st century had witnessed successive crises, including pandemics, regional wars and disruptions affecting critical minerals, energy and trade.

He also expressed concern about the growing use of supply chains, energy, minerals, technology and payment systems as tools of coercion and dominance, warning that the interconnectedness created by decades of globalization is increasingly turning into geopolitical choke points.

In this context, he said that countries are looking for reliable partners capable of maintaining supply chains and fulfilling obligations in times of crisis.

Global footprint

Highlighting India’s approach to international economic cooperation, Modi said the country’s growth is based on collective progress rather than competition at the expense of other nations. “We are not growing at anyone’s expense. We are growing with the world and for the world,” he said.

Pointing out India’s contribution to global pharmaceutical supply, the Prime Minister said the country provides one-fifth of the world’s generic drugs. He also highlighted India’s digital identity systems and its position as a global talent hub with over 2,000 global capability centers serving international businesses.

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On technology and innovation, Modi said India’s startup ecosystem has expanded from a few hundred startups in 2014 to more than 2.5 million today. Almost half of these startups were created in smaller cities, while more than 45% had female leadership, he said.

He also highlighted the role of digital public infrastructure in expanding financial inclusion, noting that the same digital payment platform was accessible to street vendors and large businesses.

Modi said India is sharing its digital capabilities with countries in the Global South and other partners to help them develop their own digital public infrastructure. He cited the open-source CoWIN platform developed during the pandemic as an example of Indian innovation benefiting other countries.

Green pressure

On the energy transition, Modi said India’s renewable energy capacity has quadrupled, from 75 gigawatts in 2014 to about 300 gigawatts today. He said India had achieved its commitment to reach 40% of installed electricity capacity from non-fossil sources by November 2021, nine years ahead of its 2030 target under the Paris Agreement.

Modi also emphasized PM Surya Ghar and PM-KUSUM say these initiatives help households and farmers generate solar electricity and reduce their costs. According to the Prime Minister, these initiatives have added more than 30 gigawatts of capacity and reduced carbon emissions by more than 30 million tonnes per year.

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Referring to India’s international initiatives, Modi highlighted the International Solar Alliance, Coalition for Disaster Resilient Infrastructure, Global Biofuel Alliance, India-Middle East-Europe Economic Corridor and Mission LiFE as examples of platforms aimed at promoting collective benefits.

The Prime Minister said that the purpose of economic, technological and political power should be to create opportunities for others, rather than just to empower individual nations. “Strength is not just the ability to move forward; it’s also the ability to empower others to move forward,” he said.

He added that India’s growing capabilities should continue to create opportunities for other countries, reiterating that the country’s approach to development is rooted in cooperation and shared prosperity.