NEW DELHI: Prime Minister Narendra Modi on Saturday stated India is poised to play a defining function in shaping the world economic system, with consultants projecting its contribution to achieve 20% in the coming years. He was talking at the ET World Leaders Forum 2025 in New Delhi. Highlighting the basis of India’s progress story, the Prime Minister credited the nation’s macroeconomic stability over the previous decade. “The macroeconomic stability of the last ten years is behind today’s growth and resilience,” he stated. PM Modi underlined that regardless of the shocks of the Covid-19 pandemic, India has managed to keep up robust fundamentals. “Our fiscal deficit is predicted to come down to 4.4%, that too after the setbacks of Covid,” he stated, including that the economic system has proven outstanding restoration. The Prime Minister pointed to strengthened banking methods, low inflation, diminished rates of interest, and a present account deficit beneath management as indicators of resilience and confidence in India’s financial trajectory.Here are his key quotes from the handle:“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 progress 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 world function:
“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.”“Our fiscal deficit is predicted to come down to 4.4%, that too after we suffered due to Covid.”
- On banking sector power:
“Today, our banks are much stronger than before.”“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.”“Every month, several domestic investors are investing heavily through SIPs.”
- On financial fundamentals:
“When economic fundamentals are strong, the foundation is strong, the impact is also strong.”“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 know-how & 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 alternatives:
“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.”“Today, India is home to more than 300 space startups, up from 1 such startup in 2014. The day is not far when we will have our own space station.”“The new generation reforms will help lower prices, boost market demand, create jobs, and improve both ease of living and ease of doing business.”Ahead of the Prime Minister’s handle, Union minister Piyush Goyal underscored India’s financial power, calling it “the world’s fastest-growing economy, full of possibilities and resilience.” He harassed that India negotiates commerce offers with a “clear vision to protect national interests” whereas engaged on the foundation of mutual respect with world companions, together with the EU.On the world entrance, former US secretary of state John Kerry described the present period as “dangerous but also momentous,” whereas praising India’s function in navigating its growth trajectory. “We need to recognise and honour the impact of Indians in the US,” he stated, including that the world nonetheless lacks clear guidelines on the use of synthetic intelligence.Congress MP Shashi Tharoor additionally warned in opposition to being “oblivious about China,” citing Beijing’s deliberate financial selections, whereas External Affairs Minister Jaishankar reminded that “the overall trend [in India’s global ties] has been net positive,” whilst challenges with main powers persist.Defence minister Rajnath Singh in the meantime reiterated India’s concentrate on strengthening its home defence business, stating that 75% of the defence price range has been earmarked for procurement from home corporations.The discussion board has additionally seen insights from enterprise leaders and state heads. Andhra Pradesh chief minister Chandrababu Naidu stated “the power of India cannot be stopped,” whereas Vishal Sikka, founding father of Vianai Systems, highlighted AI’s transformative potential for companies.
