Prime Minister Narendra Modi addressed the Bloomberg New Economy Forum in New Delhi on October 13, 2026, outlining India's economic philosophy and presenting key performance metrics. The address centered on the theme of 'Power to Empower,' positioning India's growth as collaborative and inclusive rather than competitive.
Economic Performance and Macroeconomic Indicators
PM Modi highlighted India's strong macroeconomic fundamentals, citing a 7.8 percent growth rate for the April-June quarter (Q1 FY27), a current account deficit reduced to 0.61 percent, and foreign exchange reserves exceeding $700 billion. He stated that the domestic banking system is currently in its strongest position in decades, attributing this stability to systemic reforms executed over recent years.
Policy Reforms and Structural Changes
The Prime Minister detailed significant structural reforms including the implementation of GST to create a unified national market, the drafting of Insolvency Laws, the consolidation of 29 labor codes into four, and the decriminalization of hundreds of minor business offenses. He emphasized that for India, reforms are not a compulsion but a conviction, driving proactive governance changes.
Digital Transformation and Financial Inclusion
PM Modi recounted India's digital revolution, noting that data prices were deliberately slashed since 2014 to ensure universal access. He highlighted that connectivity has connected people to opportunities, with half-a-billion YouTube and Instagram users engaging in democratic discourse. The digital payments ecosystem was presented as radically inclusive, where street vendors and car showrooms use the same technological platform. The JAM Trinity and Direct Benefit Transfer systems were credited with reducing corruption and establishing a direct government-citizen relationship by delivering assistance directly to bank accounts.
Renewable Energy and Climate Commitments
India's climate achievements were prominently featured, with the Prime Minister announcing that the country surpassed its 2015 Paris Agreement pledge of achieving 40 percent installed electricity capacity from non-fossil sources by 2030, achieving this target in November 2021—nine years ahead of schedule. Renewable energy capacity has increased four-fold from 75 gigawatts in 2014 to approximately 300 gigawatts today. The PM Surya Ghar and PM-KUSUM schemes were detailed as initiatives empowering households and farmers to generate solar power, adding over 30 gigawatts of capacity and reducing carbon emissions by over 30 million tonnes annually.
Startup Ecosystem and Innovation
The startup ecosystem has exploded from a few hundred startups in 2014 to over 2.5 lakh today, with nearly half originating from smaller cities and over 45 percent featuring female leadership. This democratization of innovation demonstrates that problem-solving power is reaching all segments of society.
Global Leadership and Initiatives
PM Modi positioned India as a reliable global partner, citing the supply of vaccines to over 100 countries during the COVID-19 pandemic. He listed global initiatives India has championed including the International Solar Alliance, CDRI, the Big Cat Alliance, the Global Biofuel Alliance, IMEC, and Mission LiFE, designed to generate universal benefits rather than serve narrow geopolitical interests. India provides one-fifth of the world's generic medicines and hosts over 2,000 Global Capability Centres servicing global needs.
Philosophical Framework and Governance Model
The address grounded India's approach in ancient cultural wisdom, emphasizing that the true value of power lies in its purpose. The governance model focuses on citizen empowerment rather than dependency, credited with lifting 25 crore people out of poverty over the last decade. India's growth philosophy is summarized as growing with the world and for the world, not at anyone's cost.