‘India’s reform express is moving at high speed’: PM Modi’s fiery speech at the Bloomberg New Economy Forum; 10 with you | Today’s news
On October 13, Prime Minister Narendra Modi outlined India’s priorities at the Bloomberg New Economy Forum in New Delhi. His central message was that power should create opportunities for others.
He linked this idea to technology, welfare, energy and international cooperation. Here are 10 key takeaways from his speech.
Power should empower people
PM Modi presented his vision of ‘Power to Empower’. He said technology, data, knowledge and innovation are the source of power today.
However, their value depends on how they help people. He emphasized cooperation, protection and wider opportunities and called on countries to share the benefits of progress.
affordable data opens doors
PM Modi said that since 2014, India has focused on making mobile data available. This helped students access digital education and young people engaged in online courses.
Village shopkeepers could also reach out to new customers. He described connectivity as a means of connecting people to opportunities, rather than simply connecting devices.
“In India, connectivity has not only connected people but also connected opportunities,” he said in his fiery speech.
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Digital payments support inclusion
PM Modi highlighted India’s shared digital payment system for businesses of all sizes. Street vendors and large car dealerships use the same system, he said.
India is also sharing its digital infrastructure experience with partner countries. He cited the CoWIN platform, whose software was open sourced during the COVID-19 pandemic.
Startups are making their way to smaller cities
According to PM Modi, the number of startups in India has crossed 2.5 million. Before 2014, the country had only a few hundred startups.
About half now come from smaller towns and villages. More than 45% have at least one female director or partner. He coupled this expansion with broader innovation opportunities.
Prosperity should build independence
According to PM Modi, governments should help citizens become capable rather than dependent. He said that India has lifted 25 million people out of poverty during the last decade.
Direct transfers send government aid to recipients’ bank accounts. This approach, he said, reduced corruption and made it easier to get support.
“We are not growing at anyone’s expense. We are growing with the world and for the world. India does not even want credit for what it is doing,” he said.
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India’s strengths should help others
Prime Minister Modi said that India has supplied vaccines to more than 100 countries during the COVID-19 pandemic. He presented it as an example of productive capacity serving humanity.
“India’s capability should open new doors of opportunity for other countries as well. In other words, our strength should empower humanity,” he said.
India also provides one in five generic drugs globally, he added. He highlighted more than 2,000 centers serving international companies from India.
Solar energy supports households
Prime Minister Modi said renewable energy capacity has grown from around 75 gigawatts in 2014 to around 300. He singled out Prime Minister Surya Ghar and Prime Minister Kusum.
These schemes connect households and farmers with solar power. Together, they’ve added over 30 gigawatts, he said, while helping farmers cut costs.
The global crisis requires reliable partners
PM Modi warned that supply chains, energy, minerals, payments and technology are becoming tools of pressure. According to him, repeated crises have increased the importance of trust.
Countries need confidence that partners will deliver and keep promises. He presented India as a reliable partner in times of uncertainty.
“Let’s walk together. Let’s talk together. Let’s try to understand each other,” he said.
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Growth reflects economic strength
PM Modi reported 7.8% growth during the April-June quarter. He also highlighted foreign exchange reserves exceeding $700 billion.
Reforms remain a priority
PM Modi highlighted GST, insolvency legislation and simpler labor rules. He said the reforms reflected the conviction and would continue.
“India’s reform express is moving at high speed. For us, reforms are not a compulsion. Reforms are our conviction,” Prime Minister Modi added.
