New Delhi, Oct 13: Prime Minister Narendra Modi on Tuesday said India’s economic growth was driven by strong fundamentals and sustained reforms, emphasising that the country aims to strengthen its position in the global economy through shared prosperity rather than at the expense of other nations.
“We do not grow at anyone’s cost. We grow with the world. And for the world,” Modi said while addressing the Bloomberg Economic Forum, presenting India as a reliable economic partner amid geopolitical tensions, trade disruptions and intensifying global competition.
Highlighting the country’s economic performance, the Prime Minister cited India’s 7.8 per cent GDP growth in the April-June quarter and foreign exchange reserves exceeding USD 700 billion. He also pointed to reforms in taxation, insolvency and labour laws as key factors supporting economic resilience.
Modi said India’s growth was backed by strong macroeconomic fundamentals, noting that the current account deficit had declined from more than 4 per cent of GDP around 12-13 years ago to approximately 0.5 per cent.
“In this world full of uncertainties, India inspires reliability and stability,” he said.
The Prime Minister stressed that economic and technological strength should not be measured solely by the power a country possesses, but by how effectively it creates opportunities for others. Summarising his approach, he said, “Power is to empower.”
Modi highlighted India’s digital public infrastructure, expanding startup ecosystem and growing renewable-energy capacity as examples of how domestic capabilities could promote inclusive growth. He said India was sharing its expertise in digital identity, digital payments and public infrastructure with partner nations, particularly those in the Global South.
Emphasising the government’s approach to economic transformation, Modi said, “For us, reforms are not a compulsion. Reforms are our conviction.”
He also expressed concern over the growing use of supply chains, energy resources, critical minerals, payment systems and technology as instruments of geopolitical pressure. He called for greater international cooperation to strengthen economic security and build resilient systems.
The Prime Minister further highlighted India’s contribution to global public welfare, citing the supply of COVID-19 vaccines to more than 100 countries as an example of how the country’s capabilities could address international needs.
He called for collaboration on major global challenges, including climate change, public health, artificial intelligence and economic security, stressing the importance of partnerships in an increasingly fragmented global economy.
Modi’s remarks come as India seeks to attract greater investment, expand its participation in global supply chains and strengthen its position as a major manufacturing and technology hub.
He said India’s economic rise could benefit other nations by providing technology, talent and innovative solutions, reinforcing the country’s ambition to become a key driver of global growth.
