'India's reform express moving ahead at high speed': PM Modi's fiery speech at Bloomberg New Economy Forum; 10 takeaways

ON13 October, Prime Minister Narendra Modi outlined India's priorities at the Bloomberg New Economy Forum in 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 sources of power today.

However, their value depends on how they help people. He stressed cooperation, protection, and broader opportunities, urging countries to share the benefits of progress.
affordable data opens doors

PM Modi said India had been focused on making mobile data affordable since 2014. This helped students access digital learning, and young people join online courses.

Village shopkeepers could also reach new customers. He described connectivity as a means of connecting people with opportunities, rather than simply linking devices.

“In India, connectivity has not just connected people, it has connected opportunities,” he said in his fiery speech.

Digital payments support inclusion

PM Modi highlighted India's shared digital payments system for businesses of different sizes. Street vendors and large car showrooms use the same system, he said.

India also shares its experience in digital infrastructure with partner countries. He cited the CoWIN platform, whose software was made openly available during the COVID-19 pandemic.

Startups reach smaller towns

India's startup count has crossed 2.5 lakh, according to PM Modi. Before 2014, the country had only a few hundred startups.

About half now come from smaller cities and towns. More than 45% have at least one woman director or partner. He linked this expansion to wider innovation opportunities.

Welfare should build independence

According to PM Modi, governments should help citizens become capable, rather than dependent. He said India had brought 25 crore people out of poverty during the last decade.

Direct transfers send government assistance into beneficiaries' bank accounts. According to him, this approach has reduced corruption and made it easier to receive support.

“We do not grow at anyone's cost. We grow with the world and for the world. India does not even want credit for what it does,” he said.

India's strengths should help others

Prime Minister Modi said that India had supplied vaccines to more than 100 countries during the COVID-19 pandemic. He presented this as an example of manufacturing capacity serving humanity.

“India's capability should open new doors of possibilities for other countries, too. In other words, our strength should empower humanity,” he said.

India also provides one in five generic medicines globally, he added. He highlighted over 2,000 centres serving international companies from India.

Solar power supports households

PM Modi said that the renewable energy capacity rose from about 75 gigawatts in 2014 to roughly 300. He highlighted PM Surya Ghar and PM Kusum.

These schemes connect households and farmers with solar energy. Together, they added over 30 gigawatts, he said, while helping farmers reduce costs.

Global crises demand reliable partners

PM Modi warned that supply chains, energy, minerals, payments, and technology were becoming tools of pressure. He said repeated crises had increased the importance of trust.

Countries need confidence that partners will maintain supplies and honour promises. He presented India as a reliable partner during uncertainty.

“Let us walk together. Let us speak together. Let us try to understand one another,” he said.

Growth reflects economic strength

Prime Minister Modi cited 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 labour rules. He said reforms reflected conviction and would continue.

“India's reform express is moving ahead at high speed. For us, reforms are not a compulsion. Reforms are our conviction,” PM Modi added.