India offers reliability, stability amid global uncertainty: PM Modi

India's Prime Minister Narendra Modi emphasized the nation's reliability and stability amid global uncertainty, highlighting its economic resilience and commitment to structural reforms. Speaking at the Bloomberg New Economy Forum in New Delhi, Modi reported that India's economy grew by 7.8% in the April-June quarter, with a current account deficit of 0.61% and foreign exchange reserves exceeding $700 billion. The prime minister also noted that India's banking system is in its strongest position in decades.

Modi attributed recent sovereign rating upgrades to India's structural strength and reform momentum, citing reforms such as the Goods and Services Tax (GST), insolvency laws, four labor codes, and decriminalization of minor business offenses. Referring to global economic challenges, including supply chain disruptions, geopolitical conflicts, and increasing dependence on critical resources, Modi highlighted India's ability to maintain supply chains and honor commitments during crises.

India's growth is driven by collective progress rather than competition at the expense of other nations, according to Modi. The country contributes significantly to global pharmaceutical supplies, providing one-fifth of the world's generic medicines. Additionally, its digital identity systems, digital talent hub, and expanding startup ecosystem demonstrate its technological prowess.

Modi also emphasized India's advancements in renewable energy, achieving a fourfold increase in capacity since 2014 and reaching 40% installed electricity capacity from non-fossil fuel sources ahead of its 2030 Paris Agreement target.

The prime minister stressed that India's growing capabilities should continue to create opportunities for other countries, emphasizing the importance of collaboration and shared prosperity in development.