India’s confidence at unprecedented high; reforms are conviction, not compulsion: PM Modi

On 13 October, Prime Minister Narendra Modi delivered a powerful speech at the Bloomberg New Economy Forum in India, outlining his country's priorities and vision for the future. His central message revolved around the idea of "Power to Empower," emphasizing that technology, data, knowledge, and innovation should be utilized to create opportunities for individuals rather than solely for profit. Here are ten key takeaways from his address:

1. India has been focused on making mobile data affordable since 2014, which has benefited students, young people, and village shopkeepers by providing them with access to digital learning, online courses, and new markets.

2. Connectivity, according to PM Modi, goes beyond simply linking devices; it connects people to opportunities. He highlighted India's shared digital payments system, which is used by street vendors and large car showrooms alike.

3. India has shared its digital infrastructure experiences with partner countries, exemplified by the CoWIN platform, which made its software available for free during the COVID-19 pandemic.

4. India's startup ecosystem has grown exponentially, with over 2.5 lakh startups as of the speech. In 2014, the country had only a few hundred startups, and now more than half of them are based in smaller cities and towns.

5. Women are also increasingly involved in India's startup scene, with more than 45% of the new startups having at least one woman director or partner.

6. Direct transfers of government assistance into citizens' bank accounts have reduced corruption and made it easier for people to receive support.

7. India has supplied vaccines to more than 100 countries during the COVID-19 pandemic, showcasing its manufacturing capacity and commitment to global health.

8. Over two thousand centers worldwide serve as international companies' hubs in India, providing them with over 2,000 services.

9. The renewable energy capacity has grown from approximately 75 gigawatts in 2014 to around 300 gigawatts, with initiatives like PM Surya Ghar and PM Kusum playing a significant role in connecting households and farmers with solar energy.

10. Despite facing supply chain, energy, and tech-related pressures in recent global crises, PM Modi emphasized India's reliability as a partner and stressed the importance of trust and cooperation in these challenging times.