PM Narendra Modi: India’s stability, reforms bright spot for global growth

Prime Minister Narendra Modi addressed the Economic Times World Leaders Forum 2026, extolling India's political stability and its policies as a "bright spot of growth and hope" for the global economy. He emphasized that even in a world where resources are weaponized and mistrust is rampant, India continues to be seen as a beacon of growth and hope.

Modi highlighted India's progress on various fronts, including manufacturing, technology, infrastructure, and governance, emphasizing the country's shift from a "prohibited unless permitted" approach to "permitted unless prohibited." This transformation, he said, was made possible through initiatives such as Jan Vishwas, decriminalization, and the removal of outdated laws, which alleviate the burden on citizens and businesses.

At the heart of India's reform journey, Modi explained, lies a change in the philosophy of governance and a new approach that incentivizes production, encourages ambition, and trusts entrepreneurs. The government has moved from controlling enterprises to enabling them, fostering an environment of trust, ease of living, and ease of doing business.

Looking ahead, Modi asserted that India's reform express will continue to move with greater speed and determination. He reiterated the importance of the "Shared Future" theme, particularly in the context of the G20 Presidency under India. He also referenced his speech from the Red Fort on August 15, where he outlined the "Sapta Dhara framework for Viksit Bharat" — encompassing manufacturing, agro-food production and food processing, technology and innovation, logistics, defence, green and blue economy, and soft power.

Modi emphasized that India is currently undertaking next-generation reforms at the policy level to secure the country's future. This includes reforming governance and improving ease of living. He stressed that reform is not a compulsion but a commitment and conviction, underlining the fact that such reforms are driven by a desire to create a secure and progressive future for the country.

The International Monetary Fund (IMF) forecast predicts India will remain the world's fastest-growing major economy, bolstered by the steps being taken to drive development. Modi recounted how the country has transformed by eliminating the former Production Linked Punishment (PLP) model, where companies faced penalties for exceeding fixed production limits, as well as instances where factories received notices for increased production due to higher demand.

He contended that those who now mock India's Make in India and Atmanirbhar Bharat initiatives had ancestors with the same mindset during the previous license raj era.

Modi concluded by asserting that the foundation of the relationship between the government and citizens should not be based on suspicion, but rather on trust. He vowed to continue advancing this reform mindset in the government-enterprise relationship, further propelling India's growth journey.