NEW DELHI: Prime Minister Narendra Modi on Saturday said India is poised to play a defining role in shaping the global economy, with experts projecting its contribution to reach 20% in the coming years. He was speaking at the ET World Leaders Forum 2025 in New Delhi. Highlighting the foundation of India’s growth story, the Prime Minister credited the country’s macroeconomic stability over the past decade. “The macroeconomic stability of the last ten years is behind today’s growth and resilience,” he said. PM Modi underlined that despite the shocks of the Covid-19 pandemic, India has managed to maintain strong fundamentals. “Our fiscal deficit is predicted to come down to 4.4%, that too after the setbacks of Covid,” he said, adding that the economy has shown remarkable recovery. The Prime Minister pointed to strengthened banking systems, low inflation, reduced interest rates, and a current account deficit under control as signs of resilience and confidence in India’s economic trajectory.Here are his key quotes from the address:
- On reforms:
“Last week, from Red Fort, I spoke of next-gen reforms. Now, this forum is working as the multiplier of these incoming reforms.”
- On India’s growth trajectory:
“Today, India is the fastest growing major economy in the world. Soon, we will become the third-largest economy of the world. We will be the world’s third-largest economy.”
- On India’s global role:
“Experts say, India’s contribution to global growth will account for 20%.”
- On macroeconomic resilience:
“The growth and resilience that we see in the Indian economy today is due to macro stability.”
- On fiscal discipline:
“Our fiscal deficit is predicted to come down to 4.4%, that too after we suffered due to Covid.”
- On banking sector strength:
“Today, our banks are much stronger than before.”
- On overall fundamentals:
“Our banks are stronger than before, inflation is low, interest rates are less, the current account deficit is under control, and forex reserves are strong.”
- On investment trends:
“Every month, several domestic investors are investing heavily through SIPs.”
- On economic fundamentals:
“When economic fundamentals are strong, the foundation is strong, the impact is also strong.”
- On recent progress:
“On August 15, I discussed this extensively. In the past one week, everything that has happened is a befitting testament to India’s growth story.”
- On technology & semiconductors:
“Semiconductor-related factories have started coming up in India. By the end of this year, the first Made in India chip will come in the market.”
- On 6G and missed opportunities:
“We are working rapidly on Made in India 6G. We all know that semiconductor manufacturing could have started in India 50–60 years ago, but India missed that too, and the same thing continued for many years to come. Today we have changed this situation.”Ahead of the Prime Minister’s address, Union minister Piyush Goyal underscored India’s economic strength, calling it “the world’s fastest-growing economy, full of possibilities and resilience.” He stressed that India negotiates trade deals with a “clear vision to protect national interests” while working on the basis of mutual respect with global partners, including the EU.On the global front, former US secretary of state John Kerry described the current era as “dangerous but also momentous,” while praising India’s role in navigating its development trajectory. “We need to recognise and honour the impact of Indians in the US,” he said, adding that the world still lacks clear rules on the use of artificial intelligence.Congress MP Shashi Tharoor also warned against being “oblivious about China,” citing Beijing’s deliberate economic decisions, while External Affairs Minister Jaishankar reminded that “the overall trend [in India’s global ties] has been net positive,” even as challenges with major powers persist.Defence minister Rajnath Singh meanwhile reiterated India’s focus on strengthening its domestic defence industry, stating that 75% of the defence budget has been earmarked for procurement from domestic companies.The forum has also seen insights from business leaders and state heads. Andhra Pradesh chief minister Chandrababu Naidu said “the power of India cannot be stopped,” while Vishal Sikka, founder of Vianai Systems, highlighted AI’s transformative potential for businesses. Go to Source
