Prime Minister Narendra Modi on Saturday said India is one of the fastest-growing major economies and has the potential to drive global growth.
Addressing the ET World Leaders Forum 2025, he said India follows the mantra of “Reform, Perform, Transform” and is positioned to lift the world out of a slowdown. “We are not the people who sit on the banks of stagnant water and throw pebbles. We are the people who can turn the fast-flowing stream,” he said.
PM Modi underlined the government’s reform agenda, announcing that a new Income Tax Bill has been introduced after 60 years. Written in simple language, it aims to benefit the common man.
He added that despite opposition disruptions during the Monsoon Session of Parliament, key reforms were passed. “In this monsoon session, Jan Vishwas Bill 2.0 has been passed. This is a major reform related to trust-based governance and pro-people governance. In this session, the income tax law has also been reformed,” he said.
The Prime Minister said GST reforms would be completed by Diwali. “A big reform is also being done in GST. This process will be completed by this Diwali. This will make GST even easier and prices will also come down,” he said, adding that the changes will boost demand, manufacturing, and ease of doing business.
On economic fundamentals, PM Modi said experts estimate India’s contribution to global growth at 20%. “Today our banks are much stronger than before, inflation is low, interest rates are less and CAD is under control as well as forex are strong. Every month, several domestic investors are investing heavily through SIPs,” he noted.
He said over 24 lakh formal jobs were added in June under the Employees’ Provident Fund Organisation. Retail inflation is at its lowest since 2017 and forex reserves are at a record high, he added. “India’s resilience and the strength is now world’s hope. When eco fundamentals are strong, the foundation is strong, the impact is also strong,” he said.
Referring to his Independence Day speech, PM Modi said the first Made-in-India semiconductor chip would be launched by year-end. He also spoke about preparing India to emerge as a sports economy and reiterated that the vision of Viksit Bharat 2047 is built on Aatmanirbhar Bharat.
He stressed the need for stronger research and development, urging private sector investment in quantum technology, biotechnology, clean energy, and battery storage. “The time demands private sector investment in clean energy, quantum and battery storage,” he said.
