Prime Minister Narendra Modi delivered the keynote address at the Bloomberg New Economy Forum in New Delhi, articulating India's governing philosophy of 'Power to Empower' – using technological, economic, and innovative capabilities to create inclusive growth and global cooperation rather than pursuing dominance.
Digital Transformation and Inclusion
India has demonstrated this philosophy through its digital revolution. The country now has over 500 million YouTube users and over 500 million Instagram users, facilitated by a deliberate policy since 2014 to make mobile data affordable. This connectivity has connected opportunities, allowing students in small towns to access digital learning, village shopkeepers to reach new customers, and young people to enroll in online courses. The country's digital payments ecosystem is universally accessible, used equally by street vendors and large car showrooms. India is sharing its experience in Digital Public Infrastructure (DPI) with the Global South and partner countries and made its CoWIN platform open source during the COVID-19 pandemic.
Startup and Innovation Ecosystem
The startup ecosystem exemplifies inclusive innovation. From a few hundred startups before 2014, India now has over 250,000 startups. Nearly half originate from small cities and towns, and over 45% have at least one woman Director or Partner, demonstrating widespread access to innovation opportunities.
Economic and Governance Reforms
In governance, the philosophy focuses on empowering citizens rather than creating dependency. This approach has lifted 250 million people out of poverty over the past decade. The JAM Trinity and Direct Benefit Transfer system uses technology to deliver government assistance directly to bank accounts, reducing corruption and increasing convenience. Economically, India's growth rests on a strong foundation: GDP growth was 7.8% in the April-June quarter of this year, the current account deficit declined from over 4% of GDP twelve years ago to 0.61% last year, and foreign exchange reserves exceed $700 billion. The banking system is in its strongest position in decades, leading to sovereign rating upgrades. Key reforms include implementing GST to create a national market, enacting the Insolvency Law, consolidating 29 labour laws into four codes, and decriminalizing hundreds of minor business-related offences.
Energy Transition and Climate Leadership
India's energy transition demonstrates commitment to global challenges. The country achieved its Paris Agreement target of 40% installed electricity capacity from non-fossil fuels by 2030 in November 2021—nine years ahead of schedule—becoming the first G20 nation to do so. Renewable energy capacity has quadrupled from about 75 gigawatts in 2014 to approximately 300 gigawatts today. Schemes like PM Surya Ghar (connecting households to solar) and PM-KUSUM (enabling farmers to generate solar energy) have collectively achieved over 30 gigawatts of solar capacity and are estimated to reduce carbon emissions by over 30 million tonnes annually.
Global Role and Initiatives
Globally, India has used its capabilities to empower others, supplying COVID-19 vaccines to over 100 countries. The country has initiated and led multiple global alliances for collective benefit, including the International Solar Alliance, Coalition for Disaster Resilient Infrastructure, Big Cat Alliance, Global Biofuel Alliance, the India-Middle East-Europe Economic Corridor (IMEC), and Mission LiFE (Lifestyle for Environment). These reflect a vision of collective progress encapsulated in mottos like 'One Sun, One World, One Grid' and 'One Earth, One Family, One Future'.